Read What I See

     The debt that can be incurred by the U.S. Congress has no ceiling.  In order to understand this concept we must first find its definition; a limit set by Congress beyond which the national debt cannot rise; periodically raised by Congress.  Where is fiscal discipline and responsibility?  Are they playing games with our citizens when they claim to set a limit on something that is not limited?

Follow up:

     It took more than 200 years for our national debt to reach 1 trillion in 1981.  What has taken place since has been the accelerated destruction of our economy and our personal wealth.  On October of 2008 when panic settled in Washington, our elected leaders became aware that they had allowed the destruction of our economy and saw an imminent danger of an economic collapse.  In order to save themselves they decided that bailing out banks with TARP would temporarily prevent it from happening.  At that time, the national debt was already 10 trillion and then it was raised it to a new ceiling of 11.3 trillion.  It was only seven months ago and during that short period we have incurred more debt than our nation did during the first 200 years.

     Having survived the original shock more time was needed to postpone the inevitable, Congress then passed the ARRA stimulus package on February 2009.  The States needed a quick injection of avoid massive layoffs and default in some cases.  It appears that this may happen anyway as many states still face large deficits even after the Federal bailout.   Our Federal government well knows that they have only postponed the inevitable. 

     Passing the nearly 1 trillion stimulus package was not sufficient for there was no money to finance it.  Buried deep and not publicized the stimulus bill that passed without being read, contained an increase of the national debt ceiling, this time to 12.1 trillion.  We are only days away from topping the 11.3 trillion that was set back on October of 2008.  All branches of government are facing a shortfall in tax revenues and rapidly increasing deficits.  The new 12.1 trillion ceiling will most likely be maxed  long before the end of this year.  In addition, The Treasury credit rating has taken a beating and we have now engaged in the absurdity of lending to ourselves.

     So as we can see our Congress can set indefinitely and irresponsibly increases to the ceiling on the national debt.  Unfortunately, as gravity, debt is ruled by its own laws and when its foundation become unstable and incapable of bearing the load that ceiling will come crashing down on us.  Our elected officials are out of control and running around trying to patch up what they know is already broken.  Most of our citizens are not fooled and know that there is something seriously wrong and that we are living in an era in which deception from our elected officials is about as common as the air we breathe.  Hyperinflation and taxation is on the horizon.  Only the people can put an end to this madness by united saying “enough”.