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Welcome to the Preparing Your Family Newsletter for the week of February 7, 2010. Today’s newsletter will be pretty short, because I didn’t have much time this week to put more together.
The Impending Impact Onto the Debt Ceiling
There is currently a big hullabaloo about the debt ceiling and whether or not we should extend it. The debt ceiling is a statutory limitation on how much debt the Federal Government can accumulate. This law has been in place since 1917, but Congress can simply pass an increase of the ceiling whenever they want. That makes it a bit pointless, I think.
Currently the debt limit is $14,294,000,000,000. That’s quite a bit of cash. Our current debt load is about $215 Billion short of the limit. We’ll hit that sometime in April, most likely. Some general projections for this year is the addition of a whopping $1.4 – $1.6 Trillion dollars worth of new debt.
The debate is whether to allow us to increase our own credit limit. Now my personal opinion is that doing this is like handing a drunk a case of vodka. Not really the best plan in the world.
But what would happen if we hit the limit? We would no longer be able to take out debt, and would instantly have to drop spending into sustainable levels.
This means cuts. Now, the best way to do this in my opinion is not to make some sort of overall cut, but start axeing whole parts of the Federal Government.
There are huge parts of the FedGov that are nothing but a money sink. Axe them. Kill the Department of Education, since that belongs to the States. Nuke the EPA, since that belongs to the States. Can our UN payments and dramatically reduce foreign aid.
Sell off land to the citizens. Return federal lands to the States. Get rid of the BATFE. REALLY fix Social Security for the people that are currently in the system, and kill it for those that aren’t.
Sound dramatic? Probably. Let me know what your solution is, and how you feel about the debt ceiling!
Check out this amusing video on ‘Banksters vs Deadbeats‘ over at Karl Denninger’s place. It’s rather entertaining.
There is an article over at Human Events that talks about ‘The Perfect Day’ and some of the potential plans Muslim terrorists have for us. Go read it. It’s long, but you need to read it.
This article over at PowerLine was fascinating. An excerpt:
He polled his audience at the San Antonio Convention Center, starting by asking how many considered themselves politically liberal. A sea of hands appeared, and Dr. Haidt estimated that liberals made up 80 percent of the 1,000 psychologists in the ballroom. When he asked for centrists and libertarians, he spotted fewer than three dozen hands. And then, when he asked for conservatives, he counted a grand total of three.
“This is a statistically impossible lack of diversity,” Dr. Haidt concluded, noting polls showing that 40 percent of Americans are conservative and 20 percent are liberal. In his speech and in an interview, Dr. Haidt argued that social psychologists are a “tribal-moral community” united by “sacred values” that hinder research and damage their credibility — and blind them to the hostile climate they’ve created for non-liberals.
Well, That’s All, Folks!
That’s all for this week. Don’t forget to tell me what you think about the impending impact on the debt ceiling!
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Thanks, and have a fantastic week!