During the holiday season when I needed a little extra credit; I called my credit card bank to increase my debt limit. They responded that I was way overdrawn and therefore, they could not honor my request for an increase in my debt limit. However, I totally disregarded their limits and decided to continue to use my card as I wished. Very soon, my card was declined then my credit card company refused to honor the debt increase that I had voted for myself.
The previous paragraph was pure fiction, except that the situation is exactly what the federal government just accomplished again. Recently the House voted 221 to 209 to increase the federal borrowing limit by $2.5 trillion. The senate then voted 50-49 along party lines to do the same and the president signed the bill. Supporters say this will allow the government to avoid default until early 2023. This increase will drive the federal debt to about $31.4 trillion dollars, give or take a billion here or there.
The passage was accompanied by comments from Senator Schumer who stated, “I want to be clear; this is about paying debt accumulated by both parties. So I’m pleased we were able to facilitate a process with the supportive members from both parties that avoids needless and catastrophic default.”
Instead of reigning in debt, the Congress just increased the debt limit on their credit card.
While, we the people have debt limits or have our card cancelled, there is no stopping the federal government from their insatiable appetite to spend beyond their income. Our Congress and president simply vote an increase in the national debt ceiling when they spend more than they take in with little regard for the consequences.
The noted financial institution, Peter G. Peterson Foundation, states that “as interest rates creep up, interest costs will eventually rise. The CBO projects that interest costs (alone) will grow from $331 billion this year to $910 billion in 2031 — a nearly threefold increase.” This is just the interest on the debt. Today, the total debt for every single person in America is over $88,000 dollars. The new debt limit does not include the U.S. unfunded liabilities that congress has agreed to pay out in the future which according to the usdebtclock.org is almost $162 trillion dollars. Remember, USA Today says a trillion seconds ago was around 30,000 B.C.
We need to remind our national legislators that we the people pay the bills and their efforts of juggling the books, constantly voting a debt increase, and printing more money is irresponsible, immoral and just plain foolish.
We the people are the only ones who can cancel their card by registering and voting.
Quentin M. Thomas
Colonel, USAF (Ret.)