Fiscal Insanity: Geithner Advocates the Elimination of the Debt Ceiling

I am quite used to our government spending with a reckless disregard for the generations of Americans that will have to pay off the massive debt being accumulated. It’s enraging, but I’m genuinely not shocked to find a tax-and-spend liberal claiming it is in our best interest to raise the debt ceiling.

What I have not yet encountered, however, is the rare breed of moron that so casually regards the massive debt America has accumulated, that he believes the debt ceiling should have no limits.

Enter tax cheat Tim Geithner…

Yes, Geithner, who is so crooked that his notoriety as the Secretary of the Treasury actually stands out amongst Obama’s scandalous inner circle, recently went on record as saying that the debt ceiling ought to be eliminated.

Via CNSnews.com

“On Bloomberg TV, ‘Political Capital’ host Al Hunt asked Geithner if he believes ‘we ought to just eliminate the debt ceiling.’

‘Oh, absolutely,’ Geithner said.

‘You do? Will you propose that?’ Hunt asked.

‘Well, this is something only Congress can solve,’ Geithner said. ‘Congress put it on itself. We’ve had 100 years of experience with it, and I think only once–last summer–did people decide to use it to threaten default on the American credit for the first time in history as a tool for political advantage. And that’s not a tenable strategy.’

Hunt then asked: ‘Is now the time to eliminate it?’

‘It would have been time a long time ago to eliminate it,’ Geithner said. ‘The sooner the better.’”

First of all, America does has a longstanding history of debt. However, what Geithner absurdly neglects to take into account is the difference between obtaining manageable, controlled debt with a plan to pay it back over time versus the current policy of “making it rain” and worrying about the consequences later.

This is precisely why credit card companies have to put limits on credit cards. If someone makes $50K a year and spends $1 million a year on various lines of credit, it doesn’t take a genius to figure out that the interest payments alone will become untenable and using “borrowed” money should no longer be an option. Republicans weren’t trying to be party-poopers by putting a cap on the amount of debt we can accrue; they needed to set some limits. And $16.394 trillion is a very generous credit limit.

That’s our debt ceiling- $16.394 trillion. Our national debt is currently at $16.240 trillion. In August 2011, Congress agreed to a $2.4 trillion raise in the debt ceiling, and we are scheduled to encounter that ceiling by the end of the year. Senate Majority Leader Harry Reid has claimed that if the debt limit needs to be raised, that they will simply raise it.

Oh, problem solved. We will just continue to borrow money to fund our unsustainable economy.

Seriously, how are these people in charge of their household checkbook, much less our fiscal future?

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One Response to Fiscal Insanity: Geithner Advocates the Elimination of the Debt Ceiling

  1. ontarget says:

    there’s one big difference in their personal debt and the national debt. Acountability!
    In congress they are not only spending some one else’s money they are voting their selves nice rises each year , retirement, and a fine health plan. How pays for this? the tax payer.

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