It will be a catastrophe! The world economy will collapse if America defaults on its debt! August 2nd will be Armageddon if we don’t raise the national debt! The federal government is broke! Social security and Medicare are dead-on-arrival! These types of hyperbole have become commonplace in the rhetoric of America’s leading politicians! Everyday, we are told that there must be a deal TODAY or the sky will fall! These arbitrary deadlines come and go; and nothing happens……EXCEPT we are warned again about how horrific the consequences will be if we fail to act RIGHT NOW! Does Chicken Little come to mind?
Politics in America has, sadly, become a partisan pissing contest on every issue facing our country. It is clear that each party trades in exaggeration as a mainstay. The overuse if the word “default” is the most blatant example of hyperbole! Little Timmy Geithner and Obama have tried to portray that if Aug. 2 passes and we don’t give Obama more money to push his socialist agenda, we are doomed! That is a LIE! Every month the Treasury takes in $200,000,000,000 in taxpayer revenue and can easily fund social security, medicare/medicaid, military, and pay the bondholders interest for several months before we have a legitimate concern of “default!” Little Timmy and Obama want to scare us into believing that Aug. 2 is a drop-dead date. It is NOT true.
And, so what if the US debt rating falls from AAA to AA for a few months? Will the world begin to invest in Greece, Ireland, Portugal, India, China, etc. ? No way! America is still the safest economy in the world. If it takes a couple of months to hammer out real reform, the losses that Wall Street will suffer in the short-term will pale with the increase in the economy when Congress and Obama take away the uncertainty of our future.
I say, hang tough, Boehner! A little short-term pain is better than the real pain of keeping on, keeping on!
P.S. Another analogy I could have used is “The Boy Who Cried Wolf!” The moral is that if you tell too many lies, eventually, no one will believe you! That is the sentiment of many Americans!