Like us, you’ve probably been hearing all the huffing and puffing about the possibility of the US ‘going into default’ if the debt ceiling isn’t increased by October 17th.
Interesting irony there; it’s ‘got to be increased’ by 17 October, and we’re about to cross the threshold into $17,000,000,000,000 (that’s 17 trillion) in debt.
As we listened to the reports, we began to wonder why default would happen. Isn’t the revenue stream flowing into Washington, D.C, just like it always does? Have they stopped withholding federal income tax and social security and Medicare contributions from employee pay checks? Have they stopped revenue flowing in from hundreds or thousands of other sources, like fuel taxes, excise taxes, and a bewildering array of others?
We think not. So what’s the problem? If they’re still getting the same revenue, why can’t they make the same payments?
Or are they telling us they need to borrow more money to pay the interest on the national debt? Wouldn’t that be like saying you can’t make the payment on your credit card because you maxed out your card and you can’t charge the payment due to the same account?
Are we really this utterly, completely, totally screwed up??
Is this the ‘train wreck’ we’ve been hearing about?
Which reminds us; why hasn’t Amtrak stopped running?????
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