Republicans in Congress Boldly Pledge to Raise the National Debt Ceiling

posted by Nima

January 7, 2011 · Posted in General Economics 

Here’s the new House Speaker John Boehner, with the usual debt ceiling posturing that seems to be obligatory anytime it needs to be adjusted:

“I’ve been notified that the Obama Administration intends to formally request an increase in the debt limit. The American people will not stand for such an increase unless it is accompanied by meaningful action by the President and Congress to cut spending and end the job-killing spending binge in Washington. While America cannot default on its debt, we also cannot continue to borrow recklessly, dig ourselves deeper into this hole, and mortgage the future of our children and grandchildren. Spending cuts – and reforming a broken budget process – are top priorities for the American people and for the new majority in the House this year, and it is essential that the President and Democrats in Congress work with us in that effort.”

Excuse me, but if our dear and heroic Republicans were so concerned about spending and the debt, then why would he “stand for an increase” in the debt limit at all?

If spending was to be cut in any meaningful way, then why in the world would the debt ceiling need to be raised at all??

The best predictor of future behavior is past behavior. Since the “great” Reagan “revolution” in the 1980s through now the national debt has increased by about 1,300%. Republicans had plenty of opportunities to let their supposed desire for spending cuts run wild in the meantime.

Don’t hold your breath for it now.

If there are ever to be any meaningful cuts, then they will happen out of necessity due to an unmanageable public debt interest, no matter whether it be Republicans or Democrats running the racket called government at the time.

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