Posts tagged ‘Debt Ceiling’

So this is late. I try to post these weekly round-ups on Sunday or Monday, depending on how my weekend goes, and it is now Wednesday night. So late on Wednesday night, in fact, that’s it’s actually Thursday morning on the East coast. What can I say? It’s summertime, which in Mom World is crazytime. The kids are home all day long. They are hungry all day long. They are bored all day long. Actually, kids in my house are never bored, or at least they never voice it, because if they do, they find themselves staring at toilet with a scrub brush in their hand. Nothing cures boredom quite like scrubbing a toilet!

And that’s the kind of mom I am. Interestingly, I just got off the phone with a single girlfriend, with whom I shared a story from the beach today. One of my kiddos was carelessly kicking sand on people, and needed to be corrected. “See?” She said, “This is why I can never have kids. I’d probably kick sand on them and ask, ‘How does that feel?’”

“Um … what do you think I did?”

And that’s the kind of mom I am. The kind of mom whose kids don’t carelessly kick sand on other people.

Anyway, I wrote some stuff last week! And you should totally click on it and maybe even read it. Otherwise you might find yourself staring a toilet with a scrub brush in your hand.

President Obama gave a little speech about the debt limit. It was riddled with blatant untruths. I narrowed down the top nine.

Speaking of President Obama, do you know that he signed a bill that authorized $50 million of your hard-earned money to put guns in the hands of dangerous Mexican drug lords? Because he totally did. Oh, and Attorney General Eric Holder lied about it.

I also mocked global warming scare tactics and possibly polar bears. Because polar bears would totally eat me, given the chance.

Happy reading!

The United States hit the debt ceiling on Monday, surpassing $14.3 trillion in debt owed to pay for super important things like the stimulus that was going to keep unemployment from going over 8 percent. It’s totally cool though, because Treasury Secretary Tim Geithner suspended investments in federal retirement funds to buy us a few months to figure out what the heck to do.

Congress has until August 2 to raise the debt ceiling (think of this as a credit card limit — there’s only so much you’re allowed to borrow) or balance the budget.

This has happened numerous times since 1917, when the first limit was set. The idea was a good one: Congress could only borrow so much money before it had to figure out a way to balance the budget and pay back the debt. In theory, it works as a permission slip to borrow and spend, because Congress gets to decide whether or not to increase the limit.

Read the rest at The Stir

The new congress has been installed, the Constitution has been read, and now it’s time to get to work. Let’s talk about money, honey, and specifically where it’s going to come from to fund all the spending that our government likes to do.

Funny thing about governments: They don’t make money. People make money by trading goods or services for a paycheck. (This is what is commonly referred to as a job. I know it’s hard to remember in thiseconomy.) The government takes some of that money from you and me in the form of taxes, and gives it to someone else for whatever reason.

Giving away money is super fun. Look! They like us, they really like us! Who doesn’t love to play Santa Claus, offering free health care to all? The government is not Santa, and there are no magical elves working in the ER. Every dollar the government gives away (to Social Security,educationObamacarewelfare queenscrack monkeys) has to come from somewhere.

Read the rest at The Stir

National Debt: Raise the Ceiling or Cut the Spending?

With the US Debt Clock continuing to tick, and the incoming freshman class in Congress saying they’ll vote against raising thedebt ceiling, it looks like Uncle Sam is going to have to go digging under the sofa cushions for loose change.

It turns out that money doesn’t grow on trees.

Margaret Thatcher once said, “The problem with socialism is that you eventually run out of other people’s money.” We are officially out of money. Actually, we were out of money years ago, so we started borrowing it from China and future generations.

With all the wonderful government initiatives to pay for (wait — I thought health care was going to be free?), the money has to come from somewhere. It must be time for a tax increase. Maybe eliminating the mortgage interest deduction would help. What about a Value Added Tax? Of course, we could just let the Bush tax cuts expire in January.

Read more at The Stir