Thursday, July 14, 2011

Michelle Bachmann on the Debt Ceiling

Michelle Bachmann yesterday weighed in on the debt ceiling discussion. As expected she was all for defaulting but she said that it would be no big deal the country won't default because there is plenty of money. She was half right, the President has said that he won't let the country default he won't pay current expenses. i think that will be a big deal. Sure we could not pay contractors, soldiers (especially those deployed), welfare, and unemployment (no longer funded due to the unemployment extensions) but to say that this would not be a big deal doesn't understand the economy very well. Then there are the funded programs that we could take money from (Social Security and Medicare) which would also be a big deal. The Republicans want the country to look like it did in 1929 and they won't stop until there are people on the streets and soup lines. This issue is ridiculous. Every President has run a deficit in bad economic times. The debt ceiling was raised several times under President Bush and no one objected. He had to raise the debt ceiling because of his tax cuts and unbudgeted wars, at least now we are trying to straighten this mess out.

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