officials on a pedestal. I do still think there is information they have that I don’t have. But sometimes not. Let’s take a look at some of the quotes from our elected officials regarding the debt limit issue. The reasoning doesn't add up. All quotes reported in the New York Times:
Sen. Richard Burr (R-NC): “We always have enough money to pay our debt service. You’ve had the federal government out of work for close to two weeks; that’s about $24 billion a month. Every month, you have enough saved in salaries alone that you’re covering three-fifths, four-fifths of the total debt service, about $35 billion a month. That’s manageable for some time.”
Uh, one point, senator: You and your colleagues voted to give those furloughed workers back pay when (if) the shutdown ends. Thus, you can’t count that money twice because you’ve already obligated that money (but that’s what you do on everything, isn’t it? Spend our money a few different ways with the same dollars?)
Sen. Rand Paul (R-KY): “It really is irresponsible of the president to try to scare the markets. If you don’t raise your debt
ceiling, all you’re saying is, ‘We’re going to be balancing our budget.’ So if you put it in those terms, all these scary terms of, ‘Oh my goodness, the world’s going to end’ — if we balance the budget, the world’s going to end? Why don’t we spend what comes in? ... If you propose it that way, the American public will say that sounds like a pretty reasonable idea.”
True. But, if my understanding of the debt ceiling is correct, it’s about what we already have committed, not what we plan to spend. So, senator, if you do put it that way, you are putting it inaccurately.
Representative Paul Broun, (R-Ga.) and a candidate for the Senate: “There are a lot of things that are going to affect our economy. The greatest threat right now is Obamacare. It’s already destroyed jobs, it’s already destroyed our economy, and if it stays in place as it is now, it’s going to destroy America.”
Seriously, Congressman? We are facing default and you blame Obamacare which took affect nine days ago? Maybe, down the road, you’ll be right. Let’s talk about that later but today, Obamacare is not the greatest threat. You are.
Put simply, as I understand it, if we accept that we run out of money on Oct. 17, which the government claims, here’s the
situation: We have $30 billion in hand. We will owe more than $200 billion to things like interest on the debt ($35 billion), Medicare and Medicaid ($69 billion), Social Security ($49 billion), military pay ($108 billion) and that’s not counting education, Defense vendors and more.
It’s like you having a monthly budget (mortgage, car payment, groceries, etc.) of $1000 and you have $300 in the bank. But the payments are all due. Based on the congressmen above, that means you balanced your budget. But you didn’t, did you?
So, Mr. President and Mr. or Ms. Congressman, I think I do understand enough to know that the silliness should have ended weeks (years?) ago. Pass the debt ceiling and put our government back to work. Then, resolve whatever issues you can, if you can.