"Does raising the debt ceiling increase the federal debt?
No. Lifting the borrowing limit simply allows the government to pay its existing bills. That debt exists whether or not Congress authorizes additional borrowing, and to avoid default it must be paid."
This is coming straight from the top. Borrowing more money to pay existing bills doesn't mean that we increase our debt.
Lord, there are so many problems with this statement it makes me want to go back to 3rd grade in Somerville, Mass and pay closer attention to arithmetic instead of sorting baseball cards in search of George Brett's rookie card. What did I miss?
Oggy's 1st Law of Economics:
If you can't pay bills with your savings then
A) You default
or
B) You borrow more money to pay your bills....which leads to....
MORE FUCKING DEBT.*
There is no way to flim flam around this fact but we've got everyone from CBS to Obama saying it's no problem. This is a watershed moment because either I've gone crazy or the rats are running the ship...but no one knows what to do. I feel moments like this have come along in every civilization and the ones that survive are the ones that face the facts and the ones that fail are the ones that swallow every lie in the hopes that the big con won't affect them.
