So the country's debt ceiling has been reached, or to put it in layman's terms "America has maxed out its credit cards." If the federal government can't get another card it will only be able to pay a little less than half its bills. Yeah, less than half.
I wish I could say "so what, the federal government is run by a bunch of ego maniacs, let them go bankrupt" but I can't. If the government can't get another card it would be a pretty big deal. Suddenly Congress would be making decisions like, should we pay US soldiers, grandma's medicare or Joe College's financial aid. On a global scale, not getting another card would cause the US's credit rating to drop and, more than likely, tank the stock market. Bye-bye retirement investments!
However unlike you or I, the federal government can essentially create its own new credit card. All Congress has to do is get together and agree on the terms of the new card. Yes, they would have to agree on something and in the poisonous environment of Washington the chances of that are slim to none.
Both Democrats and Republicans agree that we need the new credit card and that the terms of getting the new card should include a plan to lower the US debt so something like this doesn't happen again. The sticking point is how do they lower the debt. Dems want a two-pronged attack with cuts and new revenue (read: new taxes/ letting the Bush tax cuts expire). Reps want a plan totally made up of cuts, which would require them to take a knife to sacred cows like Medicare and Social Security.
HOLD ON PEOPLE! What I haven't heard from anyone on either side or those on no side is the fact that the country is currently engaged in three wars: Iraq, Afghanistan and Libya. THREE WARS! The military is already expensive, having the military in one war even more so, in two even more and in three, holy hell it's a financial smelting plant.
Check this out. Yes, it is legit: www.costofwar.com
Normally when countries enter wars they ask their populace to take part, to sacrifice. During WWII the US populace bought war bonds, planted victory gardens and rationed their purchases of countless items. When the US entered these wars, Washington under the Bush Administration cut taxes. YOU DO NOT CUT TAXES DURING WAR TIME.
We are still at war, and as such the whole country must step up and fight it. It can't be fought only on the backs of the elderly, single mothers and soldiers with cuts to social services. Taxes on all must be part of the plan to lower the debt, as the debt is built on the costs of the wars we are fighting. Yes, it may hurt but it's not just the military at war, it's the whole country.
I wish I could say "so what, the federal government is run by a bunch of ego maniacs, let them go bankrupt" but I can't. If the government can't get another card it would be a pretty big deal. Suddenly Congress would be making decisions like, should we pay US soldiers, grandma's medicare or Joe College's financial aid. On a global scale, not getting another card would cause the US's credit rating to drop and, more than likely, tank the stock market. Bye-bye retirement investments!
However unlike you or I, the federal government can essentially create its own new credit card. All Congress has to do is get together and agree on the terms of the new card. Yes, they would have to agree on something and in the poisonous environment of Washington the chances of that are slim to none.
Both Democrats and Republicans agree that we need the new credit card and that the terms of getting the new card should include a plan to lower the US debt so something like this doesn't happen again. The sticking point is how do they lower the debt. Dems want a two-pronged attack with cuts and new revenue (read: new taxes/ letting the Bush tax cuts expire). Reps want a plan totally made up of cuts, which would require them to take a knife to sacred cows like Medicare and Social Security.
HOLD ON PEOPLE! What I haven't heard from anyone on either side or those on no side is the fact that the country is currently engaged in three wars: Iraq, Afghanistan and Libya. THREE WARS! The military is already expensive, having the military in one war even more so, in two even more and in three, holy hell it's a financial smelting plant.
Check this out. Yes, it is legit: www.costofwar.com
Normally when countries enter wars they ask their populace to take part, to sacrifice. During WWII the US populace bought war bonds, planted victory gardens and rationed their purchases of countless items. When the US entered these wars, Washington under the Bush Administration cut taxes. YOU DO NOT CUT TAXES DURING WAR TIME.
We are still at war, and as such the whole country must step up and fight it. It can't be fought only on the backs of the elderly, single mothers and soldiers with cuts to social services. Taxes on all must be part of the plan to lower the debt, as the debt is built on the costs of the wars we are fighting. Yes, it may hurt but it's not just the military at war, it's the whole country.
