CHESSNOID

It’s on the news every night now as we draw closer to the deadline of August 2. But this debt ceiling debate – what does it mean to you and me? The video below is a good summary (but boring) of what could possibly happen because anything is possible.  Will it happen is a different story.

Just so you know, Geithner is just like Bernanke who has been wrong at every turn.  The politicians have used this same scare tactic to get us into the wars and steal our money through the bailouts to get the American public to rally behind these bad decisions.  After the fact, these decisions are both regretful and what got us into the economic mess in the first place.

Technically, the United States already is at a 14+ trillion dollar deficit which means we don’t have enough money to pay our bills right now.  This is similar to maximizing your credit card and telling the credit card company if they don’t raise our credit limit, then we will default.  A better solution would be to reduce your spending and make bigger payments to your credit card, right?

Everyone in the world knows that America has this titanic debt because of our 3 wars and other bad decisions both President Bush and Obama made (stimulus package, wall street bailout, cash for clunkers, renewing tax breaks for the rich).  Why should we believe it will get worse because of a late payment?  America will still be in a bad situation when they raise the debt ceiling.  Will we finally stop wasting tax payer money if we don’t pass the debt ceiling?

Nobody really knows what will happen.  All the financial experts were wrong on the housing bust, the recession we were in, the great recession we are in, the job growth, the economy collapsing, the consequences of the wall street bailout, the stimulus package, the credit crunch, etc.  So why would we believe they are right now?

We are not in economic recovery right now, yet the politicians keep trying to convince us that we are.  There is a foreclosure on every block in America and everyone who is working knows someone close to them who is unemployed.

If you are unemployed, do you think any of this will make your life harder?  Will all Americans be unemployed the day after if the debt ceiling is not raised?  Will the world end?  I don’t think so. There is a good chance nothing will happen.  There is a good chance the world already knows we owe 14+ trillion dollars and we can’t afford to go into any more debt.  What did we spend in the last 10 years that got our deficit this high?  Was it the 3 wars, was it the trillion dollar bailout, was it the trillion dollar stimulus package, was it….? Hmmm, I wonder where all that money went?

Jon Stewart: Broke Bank Mounting Video