The Debt Ceiling was voted on by Congress.
It was fake…
It was deceitful…
It was political theater.
It’s an understatement that the bill that passed did not go far enough.
Worse, it doesn’t do what it says it does to reduce spending and to solve our debt crisis.
Here are 7 things you should know…
- 71 Republicans voted “no” on raising the debtThe U.S. government is $31.8 trillion in debt.The debt ceiling has now been suspended. It will increase to around $34 to $35 trillion before the end of the year.
71 Republicans voted “No.”
These 71 Republicans are heroes because they stood up against Kevin McCarthy and the majority of Republicans, who basically caved to the political pressures, economic pressures, and the political reality.
If I had been in Congress I would have voted “no.” These Congressmen are real heroes in standing up against the massive overspending that’s fueling inflation and economic uncertainty.
The Act is called the “Fiscal Responsibility Act.”
But it’s really the “Fiscal Irresponsibility Act.”
The Act suspends the debt ceiling until January 1st 2025, paving the way for the same kinds of trillion-plus annual deficits that we saw in 2021 and 2022 for this year.
- Outsmarted AgainThe Republicans in their negotiations were outsmarted… They failed to see the unbelievable loopholes, exceptions, and exclusions that allow the Biden administration bureaucrats to continue to do what they have been doing… overspending without Congressional authorization.There were some good things in the bill, but certainly not enough to brag about.
- The hype for victory is political theaterMany of the Republicans have rejoiced, saying “It was a great victory for
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economic common sense.”That is not true.
It’s sadly misrepresenting the reality of the situation.
Kevin McCarthy should never have proclaimed victory… He should have proclaimed practical reality.
- The political realityThe House Republicans are only 1/3rd of the government.The House Republicans are 1/3rd what is needed to change course direction.
The Democrats control the Senate and, of course, the presidency.
In a sense, the most the Republicans could have expected was 1/3rd of what they wanted… And I think they got less than that.
The reality is that the Biden Deep State bureaucracy would not give up anything that wou
ld stop their transformation of our country with their socialist agenda.
The political reality is that they have the power, and… they outsmarted the Republicans, or they just gave up.
- What this means for you
The minor changes the Republicans got will stop the United States from defaulting on its debt, but it will do nothing to help the average family that’s paying over $1,000 more a year because of inflation.
It does nothing to control their overspending, job-killing regulations, and abuse of power by the bureaucracy.
The Deep State is rejoicing, and that’s why 165 Democrats voted “yes” on the bill– They knew it was a good bill for them.
You can expect further erosion of the value of your dollar, and we’ll continue to head toward stagflation, where there is no economic growth. That means fewer jobs and a severe prolonged recession plaguing America.
The Treasury needs to raise capital in order to meet the government’s irresponsible spending, which exceeds its $1.2 trillion deficit this year.
The disruption to economic growth is that the private markets will buy up part of what’s issued, and the Federal Reserve will print the rest…
That means less investment for economic growth, more money creation for inflation, and more debt and deficits.
It will impact how you live.
Until we are able to change the Senate and the presidency, there isn’t much we can do about it.
Elections have consequences.
We must turn this around in 2024.
3 Comments on “Debt Crisis Solved? Not Really—5 Things You Should Know About Its Impact on Your Jobs, Retirement, and Inflation”
Elections are meaningless as long as the democrats can cheat and steal the votes. We live in a communist country now
Thanks Mike… I know how you feel… However, that type of statement and attitude depresses the vote… We will always lose if we give up…
As I mentioned in past articles, the electionslaws in most of the states have been strengthen dramatically… The biggest problem is we are not identifying our voters and getting them out the vote… That’s because Republicans are 15 years behind.
It is essential that we use the modern marketing techniques and messaging… Plus a GOTV —get out the vote – campaign that the Republicans failed to do and lost… And get out the Christian vote, which the Republicans failed to do and lost
Politics is all about getting out the vote and we have to stay up with the latest technology and opportunities… Even if we don’t like them such as early voting,, legal ballot harvesting, and church ballot harvesting… Then we can win
Voting NO would have been the same as ordering and eating dinner and then refusing to put the bill on your credit card because that would “raise my debt.” The previous presidents and your beloved 71 heros already ate dinner and now they don’t want to pay.
It sounds just like a previous president that engaged workers and had them build stuff for him and then used bankruptcy to not pay them. He wanted the US to default now and pass the stupid out-of-control spending problem onto people that believed in the USA and lent the USA money and or provided the USA with goods and services.
Raising Debt Ceilings is about paying for what we already ordered. This last Raise is about PAST “spending” not FUTURE spending.
Is US Gov’t spending out of control and too high? Yes, absolutely. Is it “irresponsible” level of spending as you state? No question at all.
But “spending” already happened. The Gov’t already MADE those decisions in the past that required us to borrow to pay for what we ordered. Bush – Obama – Trump; all contributed to where we are.
I would love to see a more accurate/ less religious-political analysis of the Deep State, because they are, in fact, not all “Democrats” as in your religious-political statement. The most powerful factions within the DS are connected to the military industrial complex, big oil, big pharma, etc. Powerful ECONOMIC blocks that cross party lines.
Continuing to make the discussion SOLEY about Democrats and Republicans will continue to mischaracterize the situation due to its simplicity and lack of nuance. GOVERNMENT SPENDS too much – relative to its INCOME: in ALL areas. And yes, including Military.
Just fact:
In neither a for/ against; Dem/ Rep argument, tax reduction for the ultra wealth contributed to this increase of DEBT situation because INCOME was reduced. For or against it, I don’t care, but the fact is the ultra wealthy gained enormously in wealth since COVID primarily do to the Trump tax cuts for them. Some analysis shows the 97% of US would have had no tax increase, but as little as only the loss from the top 1% created the current shortfall.
I would love to hear you discuss the distribution of wealth (not income). A common accepted concept for historical economists correlated to social unrest is the level of inequality in wealth distribution.
Here is an example of a discussion without the religious/ divisive/ emotionally laden words:
https://americancompass.org/economic-inequality-guide/?gclid=CjwKCAjwyeujBhA5EiwA5WD7_QBSNErBryFaVhug0887nIDpTj_talVRGYV2PJIIv9uLPCue6T6PBRoCFksQAvD_BwE