Obama's Deceit on the Debt Default Deadline

Knowingly stating a falsehood constitutes lying. Unintentionally misrepresenting reality displays a careless lack of knowledge. Our President appears to be engaged in a curious combination of both activities. Economist and Reason columnist Veronique de Rugy analyzes three debt "default" distortions being advanced by Barack Obama and his administration lackeys. Myth 1: If a deal is not reached by August 2, the U.S. will default on its debt. Fact 1: The Treasury Department can prioritize payments in order to avoid a default. [In fact,] ...after paying $30 billion in interest payments in August, Treasury could, if it ceased all other functions (see page 13 of this document), also pay for Social Security, Medicare, unemployment benefits, and payments to defense contractors. In other words, there is absolutely no need to default as a result of not achieving a debt ceiling agreement by August 2. Again from de Rugy: Myth 2: If the debt ceiling isn't raised the government won't be able to...(Read Full Post)

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