Just think how great it would be if we could all just go around spend endless amounts of money without a care in the world because we'd never have to concern ourselves with how we'd ever be able to pay it all back. Thus is the world where Barry and his trusty sidekick, "Little Timmy" Geithner apparently reside. Because such is the concept that forms the basis of Treasury Secretary Timmy "The Tax Cheat" Geithner's latest little scheme as outlined just this past Friday. His idea, now get this, is that Congress should stop placing legal limits on the amount of money that the government can borrow and effectively lift the debt limit to…infinity. Look. I'm far from being a financial expert, my wife does our bills, but does that makes sense to anybody, other than "Little Timmy"?
It was on Bloomberg TV’s, "Political Capital" that we heard host, Al Hunt ask "Little Timmy" if he believes "we ought to just eliminate the debt ceiling." Timmy was pretty quick to respond, maybe just a little too quick, saying, "Oh, absolutely." Hunt then asked, "You do? Will you propose that?" Then Timmy launched into to his cockamamie rationale for such a nutty, and reckless, idea. "Well, this is something only Congress can solve," Geithner said. "Congress put it on itself. We've had 100 years of experience with it, and I think only once--last summer--did people decide to use it to threaten default on the American credit for the first time in history as a tool for political advantage. And that’s not a tenable strategy."
Hunt then asked: "Is now the time to eliminate it?" To which Timmy responded, "It would have been time a long time ago to eliminate it." Adding, "The sooner the better." It was Timmy who quietly warned at the end of October that the Treasury would reach its current ‘legal limit’ on the federal government's debt by about the end of the year. In August 2011, Barry and Congress agreed to lift the legal debt limit by another $2.4 Trillion, thus allowing the government to borrow up to a staggering $16.394 Trillion. However, as of the close of business on Thursday, the Treasury had only $154.3 Billion of that $2.4 Trillion in new borrowing authority left. Who in their right mind would ever think that continuing this madness is anywhere near to being a good idea?
Which leads me to believe that there has to be some sort of an ulterior motive here. And it’s one that I’m afraid does not bode well for the rest of us. And then when you hear that flaming moron, "Dingy Harry" Reid, say, as he did just last week, that the Senate stands ready to increase the debt limit by another $2.4 Trillion, that just lends more credence to the possibility that something very sinister is afoot here. When "Dingy' can so matter-of-factly say, "If it has to be raised, we’ll raise it," it should send a very cold chill down the spine of every intelligent American. Ah yes, good old "Dingy", damn the consequences, we're just going to keep printing and spending money until we either run outta trees or until everything collapses under the sheer weight of our debt, whichever comes first.
Something I think most of us learned growing up was that to use as an excuse for doing something stupid the fact that it had been done before or by someone else in the past, is a pretty piss poor excuse to keep doing it. Which brings me to our debt limit. To base the raising, or not raising, of it on the fact that we've always done it, is incredibly idiotic. Because never before in our history have we been talking about such massive levels of spending as we are now. We've now gotten ourselves to where we are rapidly approaching that point of no return. That point, that once reached, when we will have zero options available to us to save ourselves. Which, I'm beginning to think, is what Barry and the Democrats must have had as their being their goal all along.
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