The Sky Isn’t Falling (Yet)
With the upcoming vote on raising the debt ceiling, many people are trying to spread misinformation about what will or won’t happen if the debt ceiling is reached before Congress raises it again. Quite frankly, despite what the “Chicken Littles” out there are saying on the Left, the sky is not falling and if the government reaches its debt ceiling next week, most people probably won’t even notice.
The key point is that reaching the debt ceiling will NOT lead to the federal government going into default on our national debt. It will simply mean that we cannot borrow more money to increase the debt further. It would be like if you had a credit card with a $10,000 credit limit and you had made various charges on it until you reached that $10,000 limit. Reaching your limit wouldn’t put you into default on your credit card as long as you kept paying at least the minimum balance each month, your account would stay in good standing. It’s the same thing with the national debt, only on a much larger scale. The government has plenty of money coming in each day to pay whatever small amount of the debt must be paid that day. The government can still make its minimum payments on the giant credit card. What it can’t do is pile up even more debt to further bankrupt future generations. All in all, I see this as a good thing.
I hope the House of Representatives holds strong and doesn’t cave to the fake debt ceiling “crisis” because, ultimately, what the progressives are really afraid of is not default, but that we will finally cut up the credit card so that they can’t continue to run up more and more debt on our children’s and grandchildren’s tab. That would be a good first step toward restoring financial sanity to our government.