Tag Archives: debt ceiling

NIA Exposes Debt Ceiling Truth

National Inflation Association (NIA) hasn’t written about the whole debt ceiling issue over the past few weeks because in our minds it is completely irrelevant. Our elected representatives in Washington along with the mainstream media have been wasting thousands of hours of time and hundreds of millions of dollars debating a topic that has no meaning at all. The President, Senate, and House of Representatives are putting on a show to make it look like they care about cutting spending and balancing the budget. Except for a select few elected representatives like Ron Paul who care about protecting the U.S. Constitution and preserving what little purchasing power the U.S. dollar still has left, every other politician in Washington is putting on a complete charade in order to trick their constituents into believing there is a difference between the proposals from the Republicans and Democrats.

While our incompetent and corrupt mainstream media has been proclaiming there are major differences between the two bills proposed by House Speaker John Boehner and Senate Majority Leader Harry Reid, NIA believes John Boehner might as well be a Democrat and Harry Reid could easily pass himself off as a Republican. There are absolutely no meaningful fundamental differences between Boehner’s plan that was approved by the House of Representatives yesterday evening, before being killed by the Senate two short hours later, and Reid’s bill, which was just rejected by the House today in a pre-emptive vote before the Senate even had a chance to vote on it.

Both bills are estimated to reduce the U.S. budget deficit by approximately $900 billion over the next 10 years. Of the $900 billion only about $750 billion are actual discretionary spending cuts with the rest being an expected reduction in interest payments on the national debt as a result of either bill passing. When you have an unstable fiat currency that is rapidly losing its purchasing power and could collapse at any time, it is impossible to accurately project what our budget deficits will be 5 or 6 years from now, let alone 9 or 10 years from today. As far as the next two fiscal years are concerned, both proposed bills from Boehner and Reid are estimated to only cut spending by a total of about $70 billion in fiscal years 2012 and 2013 combined. Continue reading

Dealing with the Debt Limit

By Representative Steve Austria

With the national unemployment reaching 9.2 percent recently, it is clear that the borrowing and spending policies of this Administration have not worked. Since January 2009 took office, the national debt has increased by $3.7 trillion. And now, our federal treasury has literally reached its limit. With the debt ceiling limit set to be reached August 2, I am working tirelessly with my Republican colleagues to pass a bill that will ensure the federal government remains open and pays its bills and obligations. Earlier this year I joined my colleagues in voting NO to raising the debt ceiling when it was offered as a standalone bill as we should not be giving out a blank check that puts the tab on our children and grandchildren. As the negotiations continue, there must be three structural changes within the compromise: 1) the spending cuts must exceed the debt limit; 2) we must cut up the credit card and stop the egregious Washington borrowing and spending; and 3) we must do this all without increasing taxes on hardworking Americans and job creators.

I have long-opposed this Administration’s spending spree and huge expansion of government in our lives, which in the past 18 months has included the $2 trillion government takeover of health care, the $1 trillion “stimulus” package, and countless “bailouts.” I have supported putting our country back on a Path to Prosperity by helping our job creators and I support the efforts to balance the budget.

It is time to take America in a new direction. Right now, Republicans control the House of Representatives, which is only 1/3 of the federal government, but we are committed to representing the American people. And for our families in the 7th District of Ohio, I know times are tough, but please be assured that I will continue to work to reverse the wasteful Washington spending that has plagued families and small businesses in Ohio.

Poll: Americans Want National Debt Paid Down, Not Increased Through More Spending

According to this McClatchy-Marist Poll, nearly six in ten American adults — 59% — want the federal government to make the reduction of the debt its priority even if the economy is slow to recover.

Capitol Hill politicians should get the hint that Americans are against raising the debt ceiling. They want a balanced budget. They need to find a way to reduce the debt by half in order leave with their means.

Every empire, the Roman Empire included, defaulted on its debt. Why should America be any different? Imperialists always spend more than a working public can afford, which is the reason why so many Americans went backruptcy or default on their loans during the great recession. The American government reflects its people. Well, the current politicians reflect about a third.

About one-third — 33% — want the government to stimulate the weak economy even if it costs more money.

“For the public, it’s all about the debt,” says Dr. Lee M. Miringoff, Director of The Marist College Institute for Public Opinion. ”For Washington, the devil is in the details.”

Looking at party, 79% of Republicans want the debt to be paid down while 15% think stimulating the economy should be the priority. There is less of a consensus among Democrats. Half — 50% — believe the government should focus on stimulating the economy while 45% say the national debt should top the government’s “to do” list. More than six in ten independents — 61% — think the priority should be the reduction of the debt even if the economy rebounds slowly. This compares with 32% who say the stimulation of the economy should be the main issue even if it costs more money.

The McClatchy-Marist Poll reported Americans are still pessimistic about the economy and for good reason: Three in four believe the U.S. is still in recession.

A majority of Americans — 53% — say that, when thinking about the U.S. economy, the worst is yet to come. However, 42% believe the worst is behind us. Six percent are unsure. When McClatchy-Marist last reported this question in April, 57% thought there was more bad economic news to come, 39% said better economic days were ahead, and 4% were unsure.

And, 75% of residents nationally still think the country is in a recession. This compares with one in five — 20% — who say the nation has come out of the recession. Five percent are unsure. In April, similar proportions held these views. At that time, 71% reported the recession was not over, 25% said it was, and 4% were unsure.

To read more, go to the Marist Poll.