Banging the Drum for Default

There's been so much malarkey meted out by the media about the budget C.R., the government shutdown, and the debt ceiling that the average American can easily lose sight of the real issue, which is the federal debt.  Even certain honest, trusted members of the media trot out "default" as though it were synonymous with not raising the debt ceiling by Oct. 17. Actually, default is not paying the interest/principle on what one has borrowed.  Current federal revenue is way more than enough to easily pay what we owe on federal notes, bills, and bonds. If the feds do indeed have enough revenue pouring in to meet their obligations, then actual default would be an act of volition, a decision by the president.  The president would have to decide to squander the full faith and credit of the nation.  Such an action would be an impeachable offense. The president tells us that the deficit has been cut in half.  He's right, but that's only because...(Read Full Article)

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