The debt ceiling is a cap set by Congress according to the amount of debt the federal government can legally borrow and it applies to debt owed to the public (i.e., anyone who buys U.S. bonds) plus debt owed to federal government trust funds such as those for Social Security and Medicare.
The first limit was set in 1917 and it was set at $11.5 billion and Congress had to sign off every time the federal government issued debt.
So, here we are, June of 2011, on notice, that The Treasury Department has warned that the government will begin defaulting on its obligations of the current USD 14.3 trillion if the debt ceiling is not raised by the 2nd of Aug, 2011. And they say, if for the first time the US cannot pay its bills, if it defaults, then the consequences for the U.S. economy will be significant and unpredictable. The situation is that, social security payments to millions of retirees and people with disabilities could be threatened if Congress can’t agree to increase the government’s debt limit by Aug. 2.
There are more of us who are not, than those who are filthy rich, and we’re not surprised by this ‘sudden’ announcement. Many are already living the consequences and significant unpredictable and undesirable experiences of attempting to survive in the U.S. economy as well as within every economy, in every country around our world.
We’re on repeat here folks because, did you know that since March of 1962, the debt ceiling has been raised 74 times, according to the Congressional Research Service. Ten of those times have occurred since 2001. And, how many times has our personal ‘debt limit’ ceiling been raised? Never.
Scare tactic or not, expect more of the same bullshit to continue until all hell breaks loose – and it will. Shall we each sit by and pretend we aren’t able to stop this when we are the ones who are accepting and allowing it?
Fear is already here and is happening so what else is there to fear?
The solution is, that we stand up together as one. We all stand in support of stopping.
We face our fears, we stand as one vote in support of an Equal Money System.
Common sense is required. We don’t have time to be greedy because play time is over…
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