The worst thing our government can do at this moment in time is to raise the debt ceiling without substantial, meaningful cuts in spending. Cuts in spending will hurt, and some people won't be happy, but it beats the heck out of avoiding the problem. What happens if we raise the debt ceiling without substantial cuts? Answer: The world will realize that America is still borrowing more than it can pay back and and that we have no plan to make amends. The guys that rate our monetary strength then have no choice but to downgrade our rating. The rest of the world (especially the Chinese) will then most likely call our debts, others won't lend money to the U.S. any longer, and then we will have a real catastrophe on our hands because then we have absolutely no options left in our bag of tricks. Literally, our economy could fall like a house of cards overnight due to the de-valuation of our dollar.
I am becoming a huge Marco Rubio fan. He recently stated," The debt limit is a symptom. It's not our problem. The core problem is our debt and the fact that our government borrows 40¢ out of every dollar and has no idea how it's gonna pay it back; and that's a combination of spending -- we just spend way too much as government -- and loss of revenues." By loss of revenue, Rubio means that too many people are out of work and not paying taxes.
The solution again is simple. The U.S. needs a combination of fiscal discipline with spending cuts and a balanced budget amendment and some type of pro-growth measures that get people back to work immediately. These workers will pay taxes, adding revenue to government so that government can use that revenue not to grow government, but to pay down the debt and put us on a sustainable path.
Obama has an alternative plan. It's the budget that he offered earlier this year. Instead of reducing the debt, his plan actually increased it dramatically while also increasing taxes. This plan was so preposterous that not a single Democrat voted in favor of his budget. Not one.
So the bottom line is that the president is either trying to destroy the United States of America or he is simply incompetent.
It is time that the conservatives on the Hill do lead and say no to any tax increases and demand substantial cuts.
We need more tax payers!!!!!
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