I’m Sick and Tired… 10/16/13
…of politicians, pundits, activists and news anchors referring to the U.S. DEFAULTING on its debt
By Michael Fredrickson
I am sick and tired of all these idiots stating the U.S. will default if we don’t raise the debt ceiling and Obama saying raising the debt ceiling does not increase our debt. I’ll tell you right now that if we don’t raise the debt ceiling, then we won’t increase our debt AND we won’t default on any U.S. Treasury Bond.
The only way the U.S. wouldn’t pay interest payments on our bonds is if Obama illegally instructs the Treasury Department not to pay those interests payments. You see our debt service is approximately $18 billion per month while the treasury collects about $200 billion per month.
What will not be clear is what other “bills” will be paid. You see, by statute, interest payments on U.S. Treasury bonds must be paid (from collected tax money) first and foremost. That is the only mandatory payment by law. That is why U.S. Treasuries have always been the safest bet in the world.
However, with this diabolical president in office, laws are broken repeatedly. He is the only president to preside over a U.S. credit rating DECREASE. What these politicians really mean when they say default is that the government won’t be able to pay for that massive expansion of so-called National Security server farms they are in the process of building to store every phone record of law-abiding citizens (or any other expenditure they are in the “process” of wasting our tax dollars on). Whoever that government contractor is will be paid for the work performed up to that point. We tax payers would just be saved from wasting “future” tax dollars.
Today, it is estimated by some economists that the United State’s unfunded liability is around $70 trillion. That is not accumulated debt but is the total amount owed today to everyone that has been promised “something”. This is not the current actual debt of $17 trillion. We need to stop spending more than we take in right now just to start reversing what is on our balance sheet.
After U.S. Treasuries are paid (mandatory under the law) this government monstrosity will still have over $180 billion per month to spend on Social Security, Medicare, etc., etc. What they won’t have is money to waste on rewarding their friends and punishing their enemies. That is what Republicans and Democrats BOTH do when they can.
The next time some idiots tells you Obamacare is the law of the land, ask them why this president does not follow the law of the land and instead waves a magic wand and says select big corporations don’t have to abide by Obamacare and congress and all congressional employees are not punished by Obamacare (like everyone else). So much for the “law of the land”.
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