Kerby Anderson
Since there is so much information and misinformation about the debt limit debate, I thought it might be worthwhile to put a few facts on the table.
The US hit the debt limit last month when the debt exceeded $31.4 trillion. If you go to the debt clock website (www.usdebtclock.org), you will see the debt is now $31.5 trillion. For now, the government can use a few accounting gimmicks to briefly postpone the need for an immediate increase in the debt limit.
The establishment media won’t probably tell you this, but both Republicans and Democrats have used a debt limit debate in the past to reduce federal deficits. Many of the largest deficit reduction laws were attached to debt limit bills.
It is also true that when Congress and President Obama got close to the brink of default a decade ago credit-rating firms downgraded US debt. A further downgrade might be in order no matter what Congress does. The federal government currently spends more than $6 trillion while only bringing in about $4.6 trillion in taxes.
What about a shutdown of the government? The latest survey shows that a majority (56%) of Americans favor a “partial” shutdown of government to bring the federal budget into line. And two thirds (66%) believe the debt is high because of “politicians’ unwillingness to reduce government spending.”
Proverbs 22:7 says, “The rich rule over the poor, and the borrower is a servant to the lender.” This nation is racking up debt faster than ever before. That should concern every citizen. I also doubt we will ever repay that debt. Psalm 37:21 says, “The wicked borrows and does not pay back.”
The US has no choice but to increase the debt limit. But we should be very concerned about the federal debt that is out of control.
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Penna Dexter