Posted on 10/10/2013 5:12:46 AM PDT by honestabe010
Given how arcane the debt-limit debate can get, wouldnt it help if we had responsible reporting? Todays New York Times story by Jonathan Weisman, Many in G.O.P. Offer Theory: Default Wouldnt Be That Bad, seems to get the definition of default wrong. Or at least isnt understanding what the GOP congressman quoted are saying. Default, in the bond market, means missing a bond payment. If you havent read it yet, the article quotes various Republicans who are arguing that the government will indeed be able to meet its debt obligations, for some time at least, even if the debt-limit is not raised.
For example, the first politician mentioned, Senator Richard Burr, says We always have enough money to pay our debt service Youve had the federal government out of work for close to two weeks; thats about $24 billion a month. Every month, you have enough saved in salaries alone that youre covering three-fifths, four-fifths of the total debt service, about $35 billion a month. Thats manageable for some time.
Now he may be right or wrong. But his first sentence is arguing that the government will be able to pay our debt service. Hes saying there will be no default. This is the opposite of saying default wouldnt be that bad.
(Excerpt) Read more at aei-ideas.org ...
Today, it's different. Today, the media just tells lies. They know that they are telling lies. And they know that you know that they are telling lies. And they don't care.
Did you see this from the American Enterprise Institute? :)
Makes me feel good...maybe I ought to apply for a job at some conservative think tanks. ;-)
The NYT deserves a boycott of advertisers right along with the Sharpton one forming over Ritz Crackers. Who are the NYT’s advertisers?
'Dollar valueless, about to crash' - World Bank whistleblower
The sad truth comes out at last. We have a government of greedy idiots favoring pure profiteering and fraud.
All we can do is LOL !
Neil Cavuto on FOX Business Network pointed out that the debt service is about $35 billion a month, while the tax receipts are about $250 billion. No need to default, and plenty left over for what the Feds SHOULD be doing.
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