The national credit card is about to get a limit increase and not because the U.S. government is particularly credit-worthy these days. Highly competent tax cheat Treasury Secretary Timothy Geithner has endorsed a plan floated by Alan Greenspan to raise the debt ceiling. Infinitely.
As CNS News relates the conversation:
On Bloomberg TV, "Political Capital" host Al Hunt asked Geithner if he believes "we ought to just eliminate the debt ceiling."
"Oh, absolutely," Geithner said.
The legitimate political argument over whether or not to raise the debt ceiling is thus being used as yet another ‘crisis’ to justify expanding government, instead of as a reason to get spending within taxpayers’ means.
America has one of the worst debt-to-gdp ratios in the Western world; and the ratio is projected by the IMF to hit 115% by 2016 or $44,215 per person. Under scenarios based on President Obama’s ten-year budgetary outlook (an actual budget hasn’t been passed for three years), government debt is slated to hit $75,000 per person in 2022.
No nation can survive unlimited government spending indefinitely without collapsing the economy. Not Greece, not Spain, not Japan, not Zimbabwe. The laws of economics don’t cease to exist just because we live in the United States.
The U.S. is facing some $20 trillion in national debt under even a status quo second Obama term. Legally unchecked debt spending would essentially fast track the omnipotent government progressives have dreamed about building for over a century.
The plan is to collapse our economy..Americans voted for this thats astounding.