Dooming Ourselves Deeper Into Debt

William HogarthAaron Cynic writes at Diatribe Media:

The showdown over the budget and the debt ceiling continues to drag on and Congress is still attempting to cut spending down to nothing but defense, tax breaks for the wealthy and their own salaries. While politicians continue to rail against taxes and spending and the media hypes the “gang of six”, it seems that we’re quietly moving past an interesting historical marker. Ten years ago, former President George W. Bush signed the first round of tax cuts and the Treasury Department began to borrow billions in order to pay for them.

Think Progress reports that on August 1, 2001, the AP ran a story on the Treasury announcing its intent to borrow $51 billion to cover the tax rebate checks handed out by the Bush Administration. In addition, the article highlighted the Democratic argument against the Bush tax cuts: “Democrats argued that President Bush’s $1.35 trillion 10-year tax-cut package, which includes the rebate checks, is too large, and they expressed fears it will sow the seeds for a return to days of government red ink.” Since then, we’ve lost more than $2 trillion in revenue.

Coupled with two very expensive wars and other spending, I’m asking the same question as Salon’s Andrew Leonard – what’s the point of a debt ceiling? GOP demigod Ronald Reagan raised the debt ceiling 17 times during his presidency. Leonard points out that we’ve raised the debt ceiling 72 times since 1962. So what’s the point of the fight now? Simple: The GOP needs a fight they can win on.

Read the full post at Diatribe Media

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  • Hadrian999

    the whole thing is just a political football, something to fight over. the politicians and their masters don’t really care. corporations and the elite aren’t tied to countries anymore. they’ll sink this country and everyone in it if it means another 5% profit. driving down the dollar and essentially destroying the economy of the usa is good for multinationals, it makes wages cheaper and effectively makes goods exported to other countries cheaper than that countries domestic goods cheaper due to differing currency values.

  • Hadrian999

    the whole thing is just a political football, something to fight over. the politicians and their masters don’t really care. corporations and the elite aren’t tied to countries anymore. they’ll sink this country and everyone in it if it means another 5% profit. driving down the dollar and essentially destroying the economy of the usa is good for multinationals, it makes wages cheaper and effectively makes goods exported to other countries cheaper than that countries domestic goods cheaper due to differing currency values.

  • Hadrian999

    the whole thing is just a political football, something to fight over. the politicians and their masters don’t really care. corporations and the elite aren’t tied to countries anymore. they’ll sink this country and everyone in it if it means another 5% profit. driving down the dollar and essentially destroying the economy of the usa is good for multinationals, it makes wages cheaper and effectively makes goods exported to other countries cheaper than that countries domestic goods cheaper due to differing currency values.

  • jasonpaulhayes

    Whats the points of the debt ceiling rhetorical distraction since its been a non-issue for 50years and it had been raised 72 times since 1962? Well, I hate to jump on the Alex Jones bandwagon, he’s wrong about a lot of things … but it looks like this is all just a huge distraction and he just might be right about this all being a setup for WWIII.

    The corporations that we have protected with our military in their overseas ventures are now striking home and hard … we shall see what it all leads to!

    A Perfect Circle – Lets Have a War http://www.youtube.com/watch?v=ezSm9TLci6M

  • jasonpaulhayes

    Whats the points of the debt ceiling rhetorical distraction since its been a non-issue for 50years and it had been raised 72 times since 1962? Well, I hate to jump on the Alex Jones bandwagon, he’s wrong about a lot of things … but it looks like this is all just a huge distraction and he just might be right about this all being a setup for WWIII.

    The corporations that we have protected with our military in their overseas ventures are now striking home and hard … we shall see what it all leads to!

    A Perfect Circle – Lets Have a War http://www.youtube.com/watch?v=ezSm9TLci6M

  • http://twitter.com/jasonpaulhayes jasonpaulhayes

    Whats the points of the debt ceiling rhetorical distraction since its been a non-issue for 50years and it had been raised 72 times since 1962? Well, I hate to jump on the Alex Jones bandwagon, he’s wrong about a lot of things … but it looks like this is all just a huge distraction and he just might be right about this all being a setup for WWIII.

    The corporations that we have protected with our military in their overseas ventures are now striking home and hard … we shall see what it all leads to!

    A Perfect Circle – Lets Have a War http://www.youtube.com/watch?v=ezSm9TLci6M

  • DeepCough
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