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Raising the Debt Ceiling, Revisited

September 19th, 2013 - 11:00 am

Yes, raising the debt ceiling does increase the debt — no matter what Professor Ditherton Wiggleroom might claim.

Congress has two ways of cutting spending. One of those ways is not budgeting. Budgeting no longer exists. Discretionary spending is done on a series of Continuing Resolutions, or by baseline “budgeting.” Neither is a budget as you or I understand it, where we look at our income and our expenses and try to make one match the other. And non-discretionary spending is by definition un-budgetable. By law, entitlement checks must go out, no matter what.

So let’s stop using the B-word, because it’s really just a different B-word.

The first real way Congress can cut spending is to, you know, cut it. They could reduce entitlements or eliminate the baselines and do the real work of holding the pursestrings.

Yeah, I’m laughing bitterly at that, too.

The other thing Congress can do is to let the Treasury hit its legal debt limit, then refuse to authorize any more debt. At which point, something has to give. But raising the debt limit will increase our debt, no matter what, like a fat man loosening his belt a notch after a big dinner — the newly-allotted space is going to fill right up.

So don’t let the Stoner-in-Chief tell you any different.

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All Comments   (6)
All Comments   (6)
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If the debt isn't going up, there's no need to raise the debt limit.

Problem solved.
47 weeks ago
47 weeks ago Link To Comment
Or they could just pull a "California" and just pay everybody in "IOU's" (or monopoly money). If the FED keeps pumping $85 billion a month into their banker buddies' pockets the effect will be the same. (I wonder what a billion-dollar big mac will taste like? Probably just like they do now when they cost $5.00).
47 weeks ago
47 weeks ago Link To Comment
Even that won't help. Since most of the entitlements are indexed to inflation the price tag will go up in step with the money supply. It will buy you some time while the combined savings of the country go up in flames, but will make things worse in the end.
47 weeks ago
47 weeks ago Link To Comment
"By law, entitlement checks must go out, no matter what."
So what happens when the money runs out. When the US hits a Soviet Union style financial impasse. Do public sector employees get arrested? Do politicians goto jail? And since there will be no money, who's going to do the arresting and jailing?
47 weeks ago
47 weeks ago Link To Comment
At this point, I'm almost eager to find out.
47 weeks ago
47 weeks ago Link To Comment
What's frightening is the percentage of the population that believes it can't happen here.
47 weeks ago
47 weeks ago Link To Comment
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