Hot enough for everyone? Its the dog days of summer for sure and this is one of the hottest summers on record.
Thank goodness for air conditioning. How did people survive without it?
Open Thread………………………………………..Sunday, July 29
Debt Ceiling: a simple explanation
(and why we must do something immediately)
This isn’t funny, folks. It isn’t something that can be held at political ransom so those with a point to prove can make their point. It costs money to run a country. You have to bring in enough money to pay for running the country. This is simple math.
The ‘job producers’ (very wealthy)aren’t producing the jobs so let’s let them pay their fair share. Revenues must be raised and spending must be sliced. Until we can get the house in order, the debt ceiling needs to be raised.
The Senate now plans a vote at 1 pm on Sunday.
The Debt Legacy: Running in the red
From the Washington Post:
By Lori Montgomery, Published: April 30
Now, instead of tending a nest egg of more than $2 trillion, the federal government expects to owe more than $10 trillion to outside investors by the end of this year. The national debt is larger, as a percentage of the economy, than at any time in U.S. history except for the period shortly after World War II.
Voices of caution were swept aside in the rush to take advantage of the apparent bounty. Political leaders chose to cut taxes, jack up spending and, for the first time in U.S. history, wage two wars solely with borrowed funds.“In the end, the floodgates opened,” said former senator Pete Domenici (R-N.M.), who chaired the Senate Budget Committee when the first tax-cut bill hit Capitol Hill in early 2001.
In January 2001, with the budget balanced and clear sailing ahead, the Congressional Budget Office forecast ever-larger annual surpluses indefinitely. The outlook was so rosy, the CBO said, that Washington would have enough money by the end of the decade to pay off everything it owed.
The nation’s unnerving descent into debt began a decade ago with a choice, not a crisis.
