THE TRUTH ABOUT THE DEBT CEILING
The debate over the debt ceiling in the government of the United States of America is a laughingstock here in Dis, Hell’s capital. That comedic sense of partisan politics gone horribly wrong rings especially sour here in the offices of TED-OG where I work as a lead economist. The last administration in power in Washington raised the debt ceiling no fewer than seven times from 2001 to 2009. At the inception of 2001 the US debt limit was 5.64MMMM USD. That limit was raised in every year since and now sits at 13.562MMMM USD.
What then, are the differences since 2001? Well, politically, of course the unbridled panic to retaliate against Al Qaeda for the 11 September attacks literally gave Bush carte blanche regarding debt. In every year following the Right has used “the troops” and their need to defend the United States against a deeper and more devastating terror attack as sanction to continually raise the debt limit. Economically, in a country growing increasingly older and requiring more in entitlements, nothing at all has changed.
Bush in his time was right to do what he felt necessary in regard to debt to secure the “homeland.” President Obama and the liberals in Congress are too correct in theirs to make the latter years of the elderly fiscally bearable in doing the same. The TEA Party has cast a terrible lot here because they understand nothing more than catering to the xenophobic and bigoted fears of the middle class, white and dangerously religious far Right.
The truth about the debt ceiling is that it must be raised. A default on debt and a diminishing of the credit rating of the United States would be the first rattle in the death throes of a truly great nation. It is my hope that the USA can be great again and put politics aside to lay that first new brick.
Carlton Pryor, D.S.V.E., O.Q.H.[Econ.].
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