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Jul 31, 2011

US debt ceiling; ignoring the elephant in the room.

Both sides of the debt limit debate continue to point the finger at each other there is a simple fact that is being ignored; the credit rating of the nation itself. In order to maintain a AAA rating the ratings agencies have to be convinced that there is some prospect of runaway debt being brought under control. This has to be real, not a smoke and mirrors job.

Government there spends somewhere around 50% more than it brings in, which is the problem. It will be necessary to raise the debt limit, but there have to be reasonable efforts made to reduce dependence on borrowings in order to avoid continual replays. Raising taxes is not an option for the Republicans since the last election owing to the strong presence of the fiscally conservative Tea Party.

There is little point in blaming the Tea Party for the current impasse. It exists because of genuine outrage at out of control and wasteful spending during the first two years of the current Administration. The presence of the TP has been there in full sight for months, their views on tax and debt was in view. Their insistence on debt reduction as a condition to raising the debt ceiling has been flagged for months.

It should have been obvious to all during that time that changes were going to have to be made. It would appear that the current problems are caused by the belief that these people could be forced to back down. Recent bipartisan talks, which seemed to be making progress were after all, torpedoed by the President suddenly demanding a massive tax increase that he had to know, would be unacceptable.

This clip is a speech by Marko Rubio in which Kerry attempts to debate him. He starts with the point that he has not been there long enough to think that any of what is going on is normal; hopefully he never will think that. If Kerry wants to debate Rubio, he will have to do better than parrot White House talking points:

On the lighter side Iowahalk has come up with a list of possible consequences of a default, which includes:

Beltway policy experts begin living by own wits; after 45 minutes there are no survivors.

Breadlines teeming with jobless Outreach Coordinators, Diversity Liaisons, and Sustainability Facilitators.

General Motors unfairly forced to build cars that people want, for a profit.

No longer protected by government warning labels, massive wave of amputations from people sticking limbs into lawn mowers.

At-risk Mexican drug lords forced to buy own machine guns.

Potential 5-year old terrorists head to boarding gates ungroped.

Without college loan program, America loses an entire generation of Marxist Dance Theorists.

Nation's freeway exits crowded with desperate bureaucrats waving 'will regulate for food' signs.
Check it out, it’s too funny.

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