Democrats and government bureaucrats have this bizarre belief that anything that they do can only be helpful to people and that there can never be any negative results from those actions. That belief causes all kinds of long-term problems that the rest of the country, the responsible people in America, have to work to, first endure, and, then, fix.
Now, Biden’s Treasury Secretary went before Congress and, to put it bluntly, demanded a change which, if passed, could have huge negative consequences for our children and grandchildren. Tom Ozimek writes,
Treasury Secretary Janet Yellen pleaded with U.S. lawmakers on June 23 to raise the so-called federal debt ceiling to stave off an “unthinkable” default on U.S. debt obligations, which could spark a financial crisis.
Yellen made the remarks in testimony before a Senate Appropriations subcommittee, urging lawmakers to raise the legal cap on how much the federal government can owe, warning that if they don’t agree, there could be “absolutely catastrophic economic consequences.”
Congress in 2019 suspended the borrowing limit through July 31. If the suspension is allowed to lapse, the Treasury Department will be unable to raise additional funds by selling government securities and will have to resort to emergency measures to keep meeting its debt obligations.
In the past, the Treasury has resorted to extraordinary measures such as suspending contributions to government employee pension funds to maintain its ability to keep making debt payments. But spending on COVID-19 relief programs has added uncertainty to government cash flows.
Now, think about this: Yellen is saying that if the Feds can’t borrow more money, then they may default on the national debt which could have disastrous consequences for our economy. She’s right about defaulting potentially having horrible long-term consequences.
What she isn’t saying is that continued long-term spending can have equally awful long-term consequences. It’s a no-win situation if you stay with her assumptions.
But if you step outside of her assumptions, the answer is really simple: stop the stupid, wasteful government spending spree just like any normal person needs to do in the real world to live within their means.
But Democrats don’t live in the real world, do they? No, they live in a fantasy land in which they can do no wrong when, in reality, everything that they do is wrong on multiple levels.