… “Not raising the debt ceiling would be bad for the economy and would force the government to default on either its bonds or domestic programs.”
He went on to say: “If the ceiling isn’t raised before early August, the government would have to default on its bonds, social security, Medicare or Military pay,” though he was quick to add it was impossible to say which one the
United States would choose. (More scare tactics?)
Mister Goolsbee, I would like to point out to you and the rest of your ilk, that senior citizens and the military are two of the biggest voting blocks in the country, and short changing these folk in any way, shape or form would be something akin to trying to sandpaper a wildcat’s butt in a phone booth and then, pouring turpentine on it, which would not lead to a good outcome.
Tempers throughout the country are pretty frayed and close to the breaking point concerning politicians as it is, and it would be a huge mistake to stoke that fire any further.
I am quite sure that government officials wouldn’t get a short or late paycheck, only we the great unwashed, which would bring forth the inevitable explosion.
It is as plain as Econ 101, you can’t borrow and spend your way into prosperity, (just ask Herbert Hoover, but then you don’t have enough dimes to call him where he went) it took ten years to climb out of the “Great Depression”, and what got us out of it was a little production number called WW11, and of course not having been born until 1969, the only knowledge you would have of any of this would naturally have to come from having read about these events in your schoolbooks as a child, and the same can be said of tax cheat Tim Geithner, who was not born until 1961.
Since you are supposedly a brilliant economist and a gifted professor of economics, perhaps you could better turn your talents to making recommendations for cuts across the board in all departments of the government starting with LEGISLATIVE PAY AND PERKS for openers.
The government does not have to default on its obligations, the gang of 545 who have their hands around our throat need to start acting like responsible adults and begin living within our means.
(My side note to House Speaker John Boehner) Mr. Speaker, if you are stupid enough to raise the debt limit, your ability to tear up and cry on cue will get a real workout when we the people put you back out on the street, unemployed.
I would bet that most of the elected officials that inhabit ‘Clowntown’ D.C. can’t even manage their own checkbook with any degree of accuracy, much less the National Checkbook.
If I write a check with no money in the bank, that is called:
"The ‘Unlawful Issuance Of A Bank Check" (UIBC)’, it is a felony, which is punishable by time in the joint / Prison.
If a politician does it, it is called deficit spending, for which he/she pays no consequences, yet "We The People" DO!
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