ARE THE REPUBLICANS NUTS?

Today a frustrated President Obama summoned congressional leaders to the White House for a drop-dead meeting on the debt ceiling.   Twice now Speaker Boehner has double-crossed  the President by breaking off the talks without any warning.  It is clear now the GOP is more interested in presidential politics than they are in the fiscal health of the nation.

In some ways this whole debt-ceiling debate is as phony as a three-doller bill.  Get this.  The money they are talking about has already been spent.  Let me explain.  Congressional spending authority is like running up credit car debt.  The money has already been spent, even before you get the bill.  Refusing to raise the debt ceiling is equivalent to deciding that y ou’d rather not pay the bill.

So for Congress to refuse to raise the debt ceiling is the exact opposite of fiscal [rudence; it is an act of dishonesty and supreme irresponsibility.  This would do the exact opposite of what the GOP claims they want.  The inmates have taken over the asylum.

When it comes to the debt ceiling, are the Republicans nuts?

What do you think

4 Comments »

  1. 1

    I remember an old fashioned expression “Pulling a boner”…It may have had something to do with the funny bone rather than more recent connotations.
    Now we can say “Pulling a Boehner” when we abdicate our responsibility and walk away!
    I always think that the republicans are a bit nuttier than the democrats.

  2. 2
    Neil McKenty Says:

    “Pulling a Boehner” is right on the money. Some Republicans in the Tea Party should be charged with treason.

  3. 3

    They’re all nuts.

    A $3.8 trillion budget with about a $1.7 trillion deficit…now that’s nuts.

    And a $14 trillion plus national debt? That’s nuts, too.

    I suspect it is the Tea Party members of Congress who are holding the president’s (and Boehner’s) feet to the fire. Good for them. They are the last chance for civilization.

    Riddle me this, Batman:

    We can easily handle the debt currently because interest rates are at historical lows. Interest on $14 trillion is “only” about $250 billion a year because the interest costs are an incredibly low 1.7%. $250 billion represents only about 7% of the entire budget.

    But Obama’s own budget office is projecting a $20 trillion debt by 2015. Now, do the math: if interest rates go up to 10% (I’ve seen 20% interest rates in my lifetime), that’s going to be $2 trillion a year out of a budget of $3.8 trillion just to service the debt. That’s about 55% of the entire budget.

    Where will the U.S. federal government get the money to pay for Social Security, Medicaid, Medicare, the military, education, etc.?

    Yup, you guessed it: they are going to start printing money like it’s going out of style. This will solve the problem (easy to pay off fixed debts with worthless currency) but will create a much worse problem: hyperinflation.

    I advise all Neil McKenty readers to seriously consider buying gold and/or other precious metals, the traditional hedge against inflation. Now.

    Oh, and once again, thank God for the Tea Party, the only entity we have that has a chance for saving us (and, by the way, although they sit as Republicans, they have more spite for the Republican Party and George Bush than they have for the useless Democrats and Barry).

  4. 4
    jim Says:

    Well, the polititians are sticking to the script. The script calls for all the Republicans to keep pretending that the country may, somehow or other, go under financially. When they backtrack at the last minute, they will be able to say to their voters “well folks we tried, but we had to make the supreme sacrifice and aquiess to the President’s wishes in order to save the country.” (nudge, nudge, wink, wink) Forget about the Tea Baggers they are already in hot water, as they are now being identified with the humma-humma
    crowd
    Alternatively, where did Obama get the permission to spend 4 trillion over budget?
    It;s so hot here, my fingers are melting. Good-bye.
    Tony – fyi, the Tea Party formerly operated as the Know Nothing Party a hundred years ago and that is why their melons have all dried up.


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