Friday, July 29, 2011

The debt ceiling fraud

If you're listening to the news at all, you've read and heard ad nauseum the hand-wringing episodes over the national debt ceiling. Now I'm no economist, and I might be wrong, but it seems to me that the so-called debt ceiling is mostly a fraud perpetrated on the U.S. public.

Why do I say that? Let me put it in simple terms that I can understand. The debt ceiling is basically a credit limit. If I apply and obtain a credit card, the lending institution sets the credit limit. I can borrow up to that amount and no more. In the case of the Congress, they are the ones borrowing and setting the credit limit. A little conflict of interest? What is the purpose of having it if they just bump it up whenever they need to? Sounds like a lot of
hocus pocus to me.

1 comment:

Mark said...

I read somewhere that the agreement on the debt ceiling was signed on the 150th anniversary of the institution of the first income tax.The income tax was brought into being to allow the Federal government to raise money to destroy the South in the War of Yankee Imperialism, 1861-1865.