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Hypocrisy & Politics Over The Debt Ceiling

15 April 2011 4 Comments

The debt ceiling is one of the stupidest things in politics.  It’s an annual event that is nothing more than a show and some political grandstanding from both parties depending on which one is in power.  The debt ceiling is just a formality.  Some politicians threaten “default” if we don’t extend it.  Others argue that we default every time the Fed has to print money in order to fund our debts.

Here’s some examples of hypocrisy from Barack Obama:

Obama on March 20, 2006: “The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.”

Obama on April 16, 2011: “Failure by Congress to raise the U.S. debt limit “could plunge the world economy back into recession,”

And don’t worry Republicans, you’re not much different…

Eric Cantor in February 2010: “It would be recklessly naive to go about our business in Washington pretending there won’t be severe consequences for the mountains of debt we are piling up,” Cantor said on the House floor. “Yet today it is evident that this kind of willful ignorance is sweeping across Washington. We are set to lift our Nation’s debt burden to $14 trillion.”

Will Cantor vote to raise the debt ceiling this time? We will see. Probably. Back in 2010, not one Republican voted to extend it.

4 Comments »

  • Arthur Garcia said:

    Why worry about paying back money when you can just create more? The government has to raise the debt ceiling; it is too unpopular politically to do otherwise. I am really scared about the course our country is on. I honestly don't see how we can dig our way out of this hole. If we continue this line of behavior, I believe the world will move to another world reserve currency. Just in the past year, I've seen tons of articles on this very topic – if the world drops the dollar = hello hyper inflation! These are some seriously scary thoughts…anyone else see this scenario playing out?

  • Caiden said:

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  • blogc2011 said:

    I am really scared about the course our country is on. I honestly don't see how we can dig our way out of this hole. If we continue this line of behavior, I believe the world will move to another world reserve currency. Just in the past year, I've seen tons of articles on this very topic click here