I should preface this post by clarifying that I foster a deep ideological resentment towards both political parties and our political system (more accurately, all political systems) in general. However, if there’s one thing I resent even more, it’s the spreading of blatant disinformation.
The fearmongers who comprise our media and government are asserting that a failure to raise the debt ceiling will result in a default on our bond interest obligations then before you know it, yada yada yada, “dogs and cats, living together – mass hysteria!”
This is nothing more than an attempt to keep our decades long habit of deficit on its course towards complete and utter financial ruin. What the pols et al. don’t admit is that we can obviously pay the bond interest – we’d just have to do it at the expense of some other entitlement program, the defunding of which would mean political blowback.
Ultimately, the continual raising of the debt ceiling is a far more ruinous prospect than not raising it; why the heck do we even have one if every time we approach it we raise it?
I’m entirely unconvinced that the Republicans would object to raising the debt ceiling if they were in power – for quite a while it has served as nothing more than a political tool of the out-of-power party to berate the party in-power, regardless of which party is in which position. After all, Obama decried the raising of the debt ceiling as a Senator in 2006, and its been raised 55 times since 1978.
If you want to hear it straight from a far more informed and articulate person than I, might I recommend a few awesome videos from the amazing Stefan Molyneux: