Raising the debt ceiling is a formality that has been a part of government for years.
Basically, raising it is agreeing to pay debts that have already been incurred.
Where was the concern when the debt was piling up?
The time to control indebtedness is at the time of purchase, not when the bills come due. This political dog and pony show on raising the debt is extortion and highly irresponsible.
Let’s take a look at what brought this huge debt about or what it is composed of.
In 2000 we had a surplus, then two tax cuts that primarily benefited the rich, two wars and a prescription drug benefit with no provision to pay for them. Last but not least: a serious recession.
The recession, teetering on depression, was brought on by the ideology of “market knows best,” bought into by both parties. Laws on the financial industry were abolished, weakened or simply not enforced.
The results of this ideology is what we are faced with. Guess what — conservatives want a “hair of the dog” solution. More of the same.
We need to abandon ideology and use facts to solve our problem.
Toying with our country’s credit standing is extremely dangerous for the whole world.