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Obama signs Pay-Go law but also raises federal debt ceiling
By J. Taylor Rushing – 02/13/10 07:00 AM ET
President Barack Obama on Saturday congratulated Congress for restoring a requirement that the federal government spend only what it can afford — a day after authorizing $1.9 trillion more federal debt.
Obama used his weekly radio address to report that he signed into law on Friday night the legislation commonly known on Capitol Hill as “Pay-Go,” which has been used sporadically over the past 20 years by congressional budget-writers. Obama also repeated his call for $20 billion in budget cuts, a freeze in certain government spending, and the creation of a fiscal commission.
http://thehill.com/homenews/administration/80981-obama-pay-as-you-go-rules-necessary-and-now-law-along-with-higher-debt-ceiling
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While the Republicans are using this as a “reason” to not vote for the bill, the real reason is, of course, to get media time and point out the “failings” of the Democrats who have continued to use, guess who, Bush policies and rapidly speed us up to a collapse.
Not just a “little” collapse but, one where none of the entitlements or social safety nets will have funding anywhere close to needs. S.S., Medicare/Medicaid, welfare, food programs, unemployment, etc. will all be cut so far you can’t buy a day’s worth of needs with a month’s check.
If the Republicans are given the majority in Congress, they may think they will change things but, they can’t. This is decades of flawed monetary, economic, social and tax policies that have caught up with us. No party or President or Congress can prevent a depression and only with stimulus spending can it be delayed until it collapses from its own weight.
The President’s “Debt Commission,” announced last week that we can’t tax or grow out of this and that spending cuts will be required. However, austerity in our weakened condition will cause a depression. 52% of the people (S.S. Welfare, unemployed, gov. contracts and employees indirectly tied to government spending, etc) depend on government spending.
http://www.csmonitor.com/2007/0416/p01s04-usec.html?page=1
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It isn’t that there isn’t a huge need (unemployed) but, that we have to borrow money from our competitors that keep luring even more business, jobs and investment dollars from us. Continuing to support those on welfare, or that need food, or that are sick or that are unemployed or that social security will cause the entire government to collapse and the dollar to collapse.
Well, since that can’t be prevented, why not “spend” until the collapse? Isn’t that what many Americans do? They max out every credit card they have, get car and boat loans, home loans, payday loans until they can’t get them anymore. Then, and only then, do they cut spending and wonder why they are in bankruptcy court.
Well, there is no bankruptcy court for a nation. The world just stops accepting its currency and then the entire government collapses as it can no longer pay the government workers, military, retirees, welfare and unemployment beneficiaries, Medicare and Medicaid beneficiaries.
So whether they pass this or not, whether the GOP gets Congress back or not, we still face a collapse. The world is turning its back on us and our debt and our currency (non-dollar trade deals and G-20 call to end the dollar as the global reserve currency).
- Jan Paul
