Sunday, December 13, 2009

Congress to Approve $2 Trillion Increase in National Debt

Report by Harrison Davies, SC Chapter

House and Senate Democrats proposed a plan last week that would allow the government to go into as much as $14 trillion in debt.  The plan would permit our government to spend the money that they already spent this year on such failed schemes as TARP, Cash for Clunkers, and the so-called Economic Recovery Act.  When asked if any thought was given to borrowing and spending money that Federal Law forbade them to spend prior to enacting new increased debt limits, Sen Max Baucus (D-MT) replied, “I’m pretty sure Federal Laws don’t apply to us.”

Concern has been voiced by virtually every credible economist that the current levels of spending and borrowing will have devastating long-term effects on our nation and the economic well-being of our citizens.  “Seriously, the U.S. is set to default on $1 Trillion in debt, and our elected officials are proposing spending billions upon billions more on government-run health care and another economic stimulus package,” grumbled economist Steven Lobenstein, “how stupid can lawmakers be?”  

In response to the Congressional Democrats’ plan, the National Economist Council (NEC) proposed a new sign to designate the location of Congress in Washington DC.  Fashioned after signs used to point travelers to libraries around the country, the NEC is proposing that the signs (pictured right) be distributed around the nation’s capital so that tourists will easily be able to locate “the place were such asinine decisions are being made.”


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