President Barack Obama says “raising the debt ceiling doesn't increase the national debt.” He has no understanding of basic economics and thinks the American people are all stupid.
Here is his "logic" in a nutshell:
Because the Democrats haven't passed a budget during his presidency (mandated by the Constitution) the government has continued to spend money it does not have! It is like writing a bunch of checks knowing there aren't sufficient funds in your account and then borrowing money to cover the bad checks, while telling your spouse you're not increasing the family's debt; you're paying your bills!
To rationalize that this is somehow "responsible" and keeps the good faith and credit of the United States is reprehensible. And just because Congress has acted irresponsibly in this manner more than 100 times doesn't make it morally or fiscally right.
Not one reporter questioned this gobbledygook logic. Amazing!
- Michael Haluska, Crown Point