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Should You Fear the Debt Ceiling Increase?

Should You Fear the Debt Ceiling Increase?

Here’s a blog post below that I made in December 2012 titled “Does the ‘Fiscal Cliff’ Crisis Confuse You”?

Let’s look at the financial situation back in 2012 (these are in “Trillions” of dollars):

$2,170,000,000,000 = U.S. tax revenues
$3,820,000,000,000 = Federal budget
$1,650,000,000,000 = New debt
$14,271,000,000,000 = National debt
$38,500,000,000 = Recent budget cuts

Let’s now remove 8 zeros and pretend it’s a family household budget:

$21,700 = Annual family income
$38,200 = Money the family spent
$16,500 = New debt on the credit card
$142,710 = Outstanding balance on the credit card balance
$38.50 = Total budget cuts so far

Can you imagine having a $143 thousand dollar credit card balance on just a $22 thousand dollar family income? Most of you would say – it’s INSANITY!

Got it? Okay, now – Here is another way to look at the debt ceiling …..

Let’s say you come home from a hard day’s work and you find out there has been a smelly sewer backup in the neighborhood.

Your home has sewage all the way up to the ceiling.

What do you think you should do???

Raise the ceiling or remove the sh*t???

Here we are now in 2021. There was a temporary increase in the debt ceiling done in October (this month) with another show-down coming just a few months later – in December.

All those in favor of increasing the debt ceiling clamor about the horrors that will follow if the debt ceiling is not raised. The correct perspective is this: there WILL be a day of reckoning that will make a current default seem like a game of tidley winks.

Our country is bankrupt and few people realize it. Overspending is the culprit and it cuts through BOTH political parties. We have politicians “gone wild”.

Congress could tax the richest top 10% in the country by taking ALL of their income every year and it wouldn’t even put a small dent in our debt.

How do YOU feel about all this?

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