President Obama chimes in saying we are deadbeats if we do not pay bills already racked up. How do these two have jobs? Why do Americans pay a lick of attention to either man’s view on the debt ceiling? Let me lay out the non-partisan facts for you. I am neither a Republican nor a Democrat. And I have been sharply critical of both the Bush and Obama administrations for a wide array of reasons, mostly on constitutional grounds, so here is the short story.
Under Presidents Bush and Obama, Federal Debt Held by the Public has exploded to nearly $13 billion from only $3 billion. And under President Obama, Federal Debt Held by the Public as Percent of GDP has exploded to 70% from 36% when the President took office. If either the Treasury Secretary or the President were running a large, publically owned company, each would have long since been fired. A business cannot be run with such profligate spending.
The only way the government can make this financial charade work is to print money out of thin air. Businesses and states do not have printing presses. So, no, the issue today is not by how much we should raise the debt ceiling, but by how much it is going to be reduced this year and what spending programs and departments will be cut or totally eliminated. Neither the Constitution nor the intent of the Founders as presented in the original Articles of Confederation supports the central government political/financial octopus overseen by Presidents Bush and Obama. It’s long past time to put our house back in constitutional order. Treasury Secretary Lew is sending Americans the wrong message. The facts I have presented are not refutable, as Mr. Lew knows full well. There you have it.