Working on a debt limit OpEd for local paperSubmitted by thehighwaymanq on Sun, 07/17/2011 - 03:03
Please proofread and give me criticisms and suggestions!
American politics has been dominated lately by talk of the debt ceiling: will we default, who is to blame, and what will happen on August 2?
(I NEED TRANSITION HERE)
Since 1940, Congress has voted to raise the debt ceiling over 100 times. It was actually raised 10 times in the last decade alone. Washington has a spending addiction. We spend $10 billion dollars a day, and borrow $4 billion of that. The United States now assumes a debt of well over $14 trillion dollars. Washington must pay interest on debt in order to not default. Currently, President Obama is warning seniors they will not receive their Social Security checks unless the debt ceiling is passed. He is warning military personnel they will not get paid. This is just another example of political theater building up economic fear.
The math is simple. The federal government receives $200 billion in revenue each month from taxes. Interest on the national debt will be about $30 billion in August. Social Security will cost about 50 billion as well as Medicare and Medicaid. Payment for military personnel will cost around $3 billion. That leaves about $65 billion left over to fund government. President Obama is using classic fear-mongering tactics in order to get his debt limit passed.
Raising the debt ceiling would only mean the status quo prevailed again. Government must finally assume responsibility, and live within their means like the rest of their citizens struggling in difficult times. Spending restraints need to be implemented. There is no point in having a debt ceiling if it will constantly be raised. What good is it to set limit we ignore?
Texas Congressman and 2012 Presidential candidate Ron Paul (ronpaul2012.com) has voted against every potential debt ceiling raise since he has been in Congress. Mr. Paul said, “But like any debtor that has to reduce its spending, the federal government simply needs to establish priorities and stop spending money on anything other than those priorities.
This entire situation is another example of an absolute failure in Republican “leadership” and the totally irresponsible embarrassment known as the Obama Administration. And it's happened before! In the 1980’s, a compromise was struck by Republicans and Democrats regarding the debt ceiling. The tax hikes came, but the spending cuts never did. In the 90’s, new taxes were instituted but once again not spending cuts. Let’s watch as the Republican “leadership’’ compromises again to the irresponsible Democrats. But don’t forget to check Congressman Paul’s vote- once again not faltering under the pressure of the Washington Establishment.
Ron Paul for President 2012.