November 16, 2012

Once Again, Let's Not Increase the Debt Ceiling

By Jeffrey L. Scribner
Are our politicians all gutless wonders? Almost two years ago, I suggested that the Congress not increase the debt ceiling.  The debt ceiling was increased.  No budgets were adopted.  Spending continued.  As of November 9, 2012 (this writing), the debt now stands at $16,245,318,820,569.34.  Worse yet, the debt and the prospect of more of it is weighing down the economy.  GDP growth remains very low, and consequently, federal government revenues are also lagging.  The recent presidential election suggests that we will see more of the same. The Speaker of the House has proposed an extension of the current tax rates (and most or all of the current spending) for six months or so to give Congress and the president time to propose spending cuts and revamp the Internal Revenue Code to reduce credits and deductions and tax rates across the board, as was suggested by the Simpson-Bowles Commission (National Commission on Fiscal Responsibility and Reform)...(Read Full Article)