The Democrats’ Two-Step Process for Paying Bills
The Third Step is Bankruptcy
Washington,
Jan 21 -
You may recall that Washington Democrats increased the statutory debt limit by nearly $300 billion just one month ago. Now they want more. A lot more.
“Senate Democrats proposed Wednesday to increase the nation's debt limit by a record $1.9 trillion…The proposed increase would raise the legal cap on borrowing to $14.3 trillion, which would increase the nation's accumulated debt to about the size of the overall U.S. economy.” (Washington Post, 1/21/10)
Some of you might be curious why the Democrats have to return to the trough so quickly. Thankfully, the Chairman of the Senate Finance Committee is here to explain.
“As debate opened Wednesday, Senate Finance Committee Chairman Max Baucus (D-Mont.) argued that a significant increase is the right thing to do. ‘We have gone to the restaurant. We have eaten the meal. Now the only question is whether we will pay the check,’ Baucus said.” (Washington Post, 1/21/10)
Hmmm. Raising the debt limit is the same as paying the bill? The Senator’s reasoning sounds a bit…flawed, doesn’t it? And yet, it’s not the first time a senior Democrat has used such a ridiculous analogy.
This should be a simple concept to understand. It really should. If you actually pay your bills, you will have less debt. Ergo, if you find yourself with the need to make room for another $1.9 trillion in debt...you probably haven’t done a good job of “pay[ing] the check,” as Senator Baucus puts it. In fact, you may have increased non-defense discretionary spending by 85% in just two years. (Oh wait, they did!)
Senator Baucus (and Rep. David Obey, apparently) would argue that this $1.9 trillion increase in the debt limit is just part of a two-step process: get the bill and pay the bill. Well, it is a two-step process. Sort of.
Step 1. Get the bill
Step 2a. Notice you have no cash
Step 2b. Pull out the credit card
Step 2c. Realize that you’ve maxed out your credit limit
Step 2d. Declare that you will now increase your credit limit (by $1.9 trillion, or $300 billion, or whatever you need)
Step 2e. Tell the world that your higher credit limit means you’ve paid the bill
Repeat this process as often as necessary until you reach:
Step 3. Bankruptcy
A better process would start with some serious spending cuts to reverse the Democrats’ unbelievable increases. Do that, and then watch the need for another $1.9 trillion in debt disappear. Now that’s a two-step process that would work.
|
