"The new debt limit is bad news because whenever Congress raises the limit, then it is just a matter of time before they come close to it and have to raise it again. It is called runaway tsunami spending.
"The new debt limit is also bad news because it represents an additional $5,000 for every man, woman and child living in this country. This is on top of the $40,000 of debt the government had already committed for each of us. Sooner or later, it will have to be repaid, or eventually the state of our union will be bankrupt. Unlike some big banks and General Motors, the U.S. is not too big to fail. Uncle Sam does not have a bailout 'sugar daddy.'
"More federal debt is driving down the value of our U.S. dollar, thus, reducing our spending power as consumers domestically and in the global marketplace.
"More federal debt and the uncertainty of what the Democrat-controlled Congress will do about the existing tax rates that will expire at the end of this year keeps businesses in a state of stop. As long as that remains, the economy will remain in a state of stalled."
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