Posted on 10/15/2013 1:30:10 PM PDT by honestabe010
The media, members of Congress, and the President of the United States have gleefully disseminated misinformation about what would happen if we do not raise the debt ceiling by October 17th. The biggest blow these lies encountered was when Moodys, one of the nation's top credit rating agencies, released a memo on October 7th stating:
We believe the government would continue to pay interest and principal on its debt even in the event that the debt limit is not raised, leaving its creditworthiness intact...The debt limit restricts government expenditures to the amount of its incoming revenues; it does not prohibit the government from servicing its debt. There is no direct connection between the debt limit (actually the exhaustion of the Treasurys extraordinary measures to raise funds) and a default...The budget deficit was considerably larger in 2011 than it is currently, so the magnitude of the necessary spending cuts needed after 17 October is lower now than it was then...
What most people do not comprehend is that the majority of the United States debt is owed to itself, meaning individuals and institutions that purchase treasury notes, the social security trust fund, civilians retirement funds, and of course as the Senator mentioned, the Federal Reserve are the largest holders of the debt. In totality, as of last year, entities of the United States own 65.8% of the national debt. Furthermore, contrary to what many of you have been told, China only owns 8.1% of our debt. The notion that they will or do own us is fallacious, their commitment to our currency is much more of a problem for them than us.
(Excerpt) Read more at reddirtreport.com ...
The dirty little secret that they have all been hell bent on hiding from the public, to the point of scaring the hell out of them.
Doesn’t matter.
The Bonehead and his fellow RINO limpwrist slimpe are well into the surrender process.
Give up on Repubs. It’ll be hard for a while, but why vote for Demo lite? Let’s put up with the stall and spin for a while - hopefully survive the inevitable CW-II - and hope that we each get a hand a pulling the switches when we take care of the libs and RINOs afterwards.
Agree! I watch CNBC and their crowd that keep trying to scare the markets and of course the Media folks doing the same. You’d think that they are pushing for a major drop in the markets just to get their way. How about this time that the other side (not sure if that is the Republicans but might be the Conservatives) actually calls them on this and pushes for what is right for the country instead of succumbing to this nonsense. Not holding my breath!
Quotes of President Barack Obama on the Budget, Deficit, Debt and Deficit Ceiling
http://www.freerepublic.com/focus/f-news/3076002/posts
The fact that we are here today to debate raising Americas debt limit is a sign of leadership failure. It is a sign that the U.S. government cant pay its own bills. ... I therefore intend to oppose the effort to increase Americas debt limit. 3/16/2006 Floor speech in the Senate
First, we learned that the federal budget deficit could reach nearly half a trillion dollars next year. Eight years after we had a record surplus, were now faced with record deficits. This mortgaging of our childrens future is a direct result of the Bush Administrations dangerously failed fiscal policies. 8/9/08 Democratic Radio Address
And, you know, frankly, the last eight years what weve seen is moving in reverse. Weve been moving in reverse. When Bill Clinton was president, the average family income went up $7,500; $7,500. Since George Bush has been president, you know what its done? Its gone down $2,000. Think about that. Thats a $9,500 swing; $9,500. Thats money out of your pocket. Thats money going out of this country because were borrowing it from China to send to Saudi Arabia to buy oil. Thats whats added $4 trillion to our deficit. I mean, think about that. You know, so weve created a mountain of debt for the next generation that theyre going to have to pay off. This little guy, hes not too worried about it right now, but, you know, weve created $30,000 worth of debt for every man, woman and child in America. Thats going to have to be paid back. 9/3/08 New Philadelphia, Ohio
We cant mortgage our childrens future on a mountain of debt. I look at all these young people here today, and I say to myself, the notion that we are loading up more and more debt on a war in Iraq that I believe should have never been authorized and should never been waged (cheers, applause) on tax cuts for multi-billion dollar corporations and some of the wealthiest Americans, that is not a good investment in the future. We cant run up a credit card, have a party and leave our children to pay the bill. It is time it is time to put an end to the runaway spending and the record deficits. Its not how you would run your family budget, and it must not be how Washington handles your tax dollars. Its time to return to fiscal responsibility and pay-as-you-go budgeting, the kind of budgeting we had in the 1990s. Youll remember Bill Clinton left a surplus (cheers, applause) to George W. Bush. 10/1/08 La Crosse, Wisconsin
We cant afford another four years of the kind of deficits weve been seeing over the last eight. Young people, you are going to have to pay for this debt were piling up. We cant afford to mortgage our childrens future on another mountain of debt. 10/2/08 East Lansing, Michigan
The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents #43 added $4 trillion by his lonesome, so that we now have over $9 trillion of debt that we are going to have to pay back $30,000 for every man, woman and child. Thats irresponsible. Its unpatriotic. Independence Day, 2008, Fargo, North Dakota:
Two fingers up to these losers.
It has been demonstrated that 15% of the government employees are "non-essential"; why are they even there in the first place? And why is it true that government employees have an "iron rice bowl"?
Nope, it doesn’t matter. If the media says it will, then it will. Facts are not considered.
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