CAL THOMAS COMMENTARY JANUARY 17, 2023
HERE WE GO AGAIN. THE SECRETARY OF THE TREASURY, JANET YELLEN, HAS SAID THE NATION WILL LIKELY HIT THE $31.4 TRILLION DEBT CEILING JUST THREE DAYS FROM NOW ON JANUARY 19. ONCE THE LIMIT IS REACHED, SHE SAYS, THE TREASURY WILL HAVE TO TAKE “EXTRAORDINARY MEASURES TO PREVENT A DEFAULT ON ITS OBLIGATIONS.”
WHAT ABOUT THE OBLIGATION NOT TO BE IN DEBT? WHAT ABOUT THE DEBT OWED TO TAXPAYERS TO SPEND RESPONSIBLY?
THIS IS A SHAM, LIKE CLAIMING THE SOUTHERN BORDER IS SECURE. THE FEDERAL GOVERNMENT CONSISTENTLY TAKES IN RECORD AMOUNTS OF REVENUE. IT’S CONGRESS THAT SPENDS MORE THAN WE PROVIDE. THE INTEREST ON THE DEBT IS GREATER THAN THE GROSS NATIONAL PRODUCT OF SOME NATIONS.
REPUBLICANS CLAIM THEY WILL TRY TO CUT SPENDING, BUT THE SENATE MAJORITY AND A DEMOCRAT PRESIDENT WON’T GO ALONG. AS I HAVE SAID MANY TIMES, AN OUTSIDE AUDITOR SHOULD BE BROUGHT IN TO CUT WASTEFUL AND UNNECESSARY SPENDING.
WE LIVE IN AN AGE OF ENVY, GREED AND ENTITLEMENT. WE ELECT THESE PEOPLE AND EXPECT SOMETHING DIFFERENT. WE ARE MORTGAGING OUR FUTURE, EVEN OUR PRESIDENT.
