Should the Congress expand the debt ceiling or not? (Harry Reid, unemployment, Reid)

[roysoldboy]

I have been swinging back and forth about this one but today I got an e-mail from an Aussie internet friend who is a small businessman and who sees these things so much better than I usually do. I offer his entire message, sans the salutation, along with the letter he is talking about in a link. You have to know that my friend is not anything other than a solid conservative but maybe his message says something different.


I wish I could say Happy New Year but this letter sent from Timothy Geithner to Harry Reid does not express good news for the future of the U.S. economy despite what commentators in the mainstream media are spruiking. It states that the debt limit will be reached by March 31 this year hence the need to raise the limit.

The cause for concern is that without that action, U.S. debt will now exceed 15 trillion dollars this calendar year requiring drastic measures to keep inflation and government spending under control. These actions may include severe austerity measures that will affect essential services, defense and other areas which absorb huge sums of money. Unemployment will rise, interest rates will increase, property prices will decline further and party promises regarding no tax increases will have to be broken in order to collect revenue to pay down debt.

There will be a stalemate in Congress trying to pass new urgent tax laws due to Republican control. I think this will have a severe impact on the rest of the world too. When you sneeze we catch cold! Australia’s apparently brilliant economic performance is also a PR sham. We have a two speed economy that relies too much on resources. A lot of the so called wealth does not reach too far beyond the mining areas within that sphere of influence.

As predicted, our government is also spending like a drunken sailor and increasing our debt levels too. Keep your ear to the ground and your eyes peeled as I’m sorry to say I think 2011 is going to be a rough ride for all of us ordinary folk.[/u][/i]

Secretary Geithner Sends Debt Limit Letter to Congress

[jetgraphics]

Originally Posted by roysoldboy

The cause for concern is that without that action, U.S. debt will now exceed 15 trillion dollars this calendar year requiring drastic measures to keep inflation and government spending under control.

There is no viable solution under current rules. Raising the debt ceiling or not, we're still going to crash and burn.

Covered here:
https://www.city-data.com/forum/polit...hrive-die.html

To disconnect usury and socialism from America is not something that Congress (or any State) can accomplish. It is within the realm of any individual, but as a collective whole, impossible.

Frankly, on the day that 51% withdraw consent, the game is over. The "Dollar bill" will cease to be currency from lack of collateral and obligated parties. That means the U.S. government collapses, too. Which will be followed by a resignation, en masse, of the public officials.