Anyone watching the debt ceiling? Some food for thought.

[Kirk]

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Debt Ceiling Defined: What Is the U.S. National Debt Ceiling​

Congress had free reign over the country's finances before the debt ceiling was created. In 1917, the debt ceiling was created during World War I to make the federal government fiscally responsible.1 Over time, the debt ceiling has been raised whenever the United States has approached the limit. By hitting the limit and failing to pay interest payments to bondholders, the United States would be in default, lowering its credit rating and increasing the cost of its debt.

What is the national debt?​

The national debt is the amount of money the federal government has borrowed to cover the outstanding balance of expenses incurred over time. In a given fiscal year (FY), when spending (ex. money for roadways) exceeds revenue (ex. money from federal income tax), a budget deficit results. To pay for this deficit, the federal government borrows money by selling marketable securities such as Treasury bonds, bills, notes, floating rate notes, and Treasury inflation-protected securities (TIPS). The national debt is the accumulation of this borrowing along with associated interest owed to the investors who purchased these securities. As the federal government experiences reoccurring deficits, which is common, the national debt grows.

Simply put, the national debt is similar to a person using a credit card for purchases and not paying off the full balance each month. The cost of purchases exceeding the amount paid off represents a deficit, while accumulated deficits over time represents a person’s overall debt.

Debt ceiling: 5 devastating consequences if Congress doesn’t raise or suspend the limit​

 

[Rene T]

Fair warning, please don’t turn this into a political ballgame.

 

[Wasillaguy]

Or, as Mama used to say "Hang your clothes on a hickory limb, but don't go near the water".

 

[Ray-IN]

Fiscal responsibility is key to running a successful household, regardless of how many reside in the house, or who is managing the money.

 

[John From Detroit]

Referring to the original post..
I once applied for a credit card. as I recall $500 limit.. That card now has a $10,000 dollar limit as the bank kept raising my "Debt ceiling"
Unlike congress however it has a balance of (At the end of the month) $0.00..
(Right now it has a small balance but that's because of recurring auto-charges I will pay at the end of the month).
Now I do admit there are a couple things on my "Drool" list (I really want to buy) and 10 grand would cover them about 5 times over with change left.
But.. Unlike Congress... I can wait till I have the cash.

 

[SeilerBird]

I don't give a crap about debit ceiling. I only worry about important things, like will the Jaguars beat the Chiefs this afternoon.

 

[Yoshi]

I don't give a crap about debit ceiling. I only worry about important things, like will the Jaguars beat the Bills this afternoon.

Jags are playing KC. But even if it was the Bills...wouldn't happen (from Buffalo)

 

[Jayflight]

Referring to the original post..
I once applied for a credit card. as I recall $500 limit.. That card now has a $10,000 dollar limit as the bank kept raising my "Debt ceiling"
Unlike congress however it has a balance of (At the end of the month) $0.00..
(Right now it has a small balance but that's because of recurring auto-charges I will pay at the end of the month).
Now I do admit there are a couple things on my "Drool" list (I really want to buy) and 10 grand would cover them about 5 times over with change left.
But.. Unlike Congress... I can wait till I have the cash.

If you run that card limit amount up to the maximum limit, I am not sure you could go to your card holder and ask for a higher limit to spend more because you cannot pay your bill. We would never be able to use our neighbor's wallet as a daily practice to give our friends goodies either in the same time or to pay for a bigger house than I can afford. As commoners we are required to live by a different set of rules. Remember the check writing scheme that took place by those congress critters?

 

[CityGuy]

Fiscal responsibility is key to running a successful household, regardless of how many reside in the house, or who is managing the money.

AMEN. More later.

 

[Bobtop46]

You own a bathroom that is water tight when the door is closed. The toilet starts to overflow and the bathroom is filling up with sewage and getting close to the ceiling. What's the solution? Obviously, raise the ceiling.

To answer the OP's question: I'm watching the toilet, trying to stop it from overflowing.

 

[Oldgator73]

The debt ceiling really doesn’t affect me. And before anybody blows up with reasons why it does, I don’t care. I can’t do anything about what the folks sent to Washington by the voters do. I vote. My representatives are pretty level headed and intelligent So really no worries there.

 

[CityGuy]

No politics. This is a-political, non-partisan, across-the-aisle, all-inclusive.

It's our fault. Us. We. The American voters and non-voters. At least since the Civil War we've failed to exercise due diligence on whom we've sent to Congress. We've filled it with irresponsible, power-mad, money-mad bozos who have put us, as of 0850 1/21/23, $31,503,000,000 in debt -- see https://www.usdebtclock.org/ -- carving pork like Roman senators wearing out the tile between the banquet table and the vomitorium, buying votes, trying to police the World, and trying to buy the goodwill of intractable enemies, and lining their own pockets. What's the percentage of senators and representatives leaving Congress many times richer than they arrived? Oh, sure, we've blindly sent a few Mr. Smiths to Washington. The Law of Averages assured that. But the rest of them have brought us to the point of extinction on the ark of human history.
We are long past due to pay for our civic sloth, before we sell our children into Chinese slavery. We've already indentured them for generations to come.

As far as the citation, it is my opinion that (1) Fear-mongering from the bozos to perpetuate the Roman feast. "Could." Yes, and the mega-volcano under Yellowstone could blow tomorrow and wipe out all life on earth; less hyperbolically, consider Pompei. (2) It's time to pay the Debt Collector. He's at our door in the backswing with his axe.
(3) See No. 2. (4) See No. 1 -- same "could." (5) The wages of sin. Maybe a lesson that we, the citizens, should do the work to inform ourselves, vote principles and issues, and not personalities or "because Daddy was a Democrat" or "Daddy was a Republican."

 

[CityGuy]

The debt ceiling really doesn’t affect me. And before anybody blows up with reasons why it does, I don’t care. I can’t do anything about what the folks sent to Washington by the voters do. I vote. My representatives are pretty level headed and intelligent So really no worries there.

If you pay taxes it affects you.

 

[NY_Dutch]

No politics. This is a-political, non-partisan, across-the-aisle, all-inclusive.

We are long past due to pay for our civic sloth, before we sell our children into Chinese slavery. We've already indentured them for generations to come.

Before you push the "Chinese" connection any farther, you might want to do a little research first. China holds less than one trillion dollars of the foreign held US debt. Japan actually holds the most at 1.08 trillion.

Who Owns the US National Debt?

The majority of the U.S. national debt is owned by Social Security, the Federal Reserve, and foreign investors. Learn how that impacts the economy and you.

www.thebalancemoney.com

 

[CityGuy]

Before you push the "Chinese" connection any farther, you might want to do a little research first. China holds less than one trillion dollars of the foreign held US debt. Japan actually holds the most at 1.08 trillion.

View attachment 161097

Who Owns the US National Debt?

The majority of the U.S. national debt is owned by Social Security, the Federal Reserve, and foreign investors. Learn how that impacts the economy and you.

www.thebalancemoney.com

China is our enemy, seeks domination over us, seeks our destruction. The "Chinese connection" cannot be pushed too far. Japan, the United Kingdom, and there others listed are not our enemies and of them only Brazil is getting hostile -- under Chinese influence. Debt to China is only one element. That $33,000,000,000 deficit is weakening us on all fronts, bringing us to the point of being "defenseless before [our] enemies."

Every Chinese citizen in the United State is, by CCP law, required to spy on us if called upon. China is buying up huge chunks of American farm land, some of it within spitting distance of sensitive US military bases. They are negotiating to buy, or have bought, ports at both ends of the Panama Canal. They have bought an island with a deep water port and an WWII-era airstrip off the coast of New Zealand. They are keeping Russia, another of our sworn enemies, economically afloat. They've teamed up with Iran. They've militarized perhaps the globe's most important seaway in the South China Sea. They manufacture almost all of our medicines. They are increasingly threatening Taiwan, which manufactures almost all of the World's computer chips; already their total Covid lockdown caused a chip supply chain crisis for the American automotive industry. Their industrial espionage is know to cost us billions a year. The bigest stratigic mistake the U.S. has ever made is letting them into the WTO. Wake up, everybody -- get your heads out of the sand!

 

[NY_Dutch]

China is our enemy, seeks domination over us, seeks our destruction. The "Chinese connection" cannot be pushed too far. Japan, the United Kingdom, and there others listed are not our enemies and of them only Brazil is getting hostile -- under Chinese influence.

Do you know why China has invested heavily in US Treasury securities? It's because they know it's a darn good and secure investment that helps keep the US dollar value higher than their own currency as the article I linked to states. So how badly do think China wants to hurt our economy, when it would only hurt their own in return? If the US all of a sudden blocked all Chinese imports, China's economy would be in a bad way. If China all of a sudden sold its US Treasury holdings, other countries would snap it up as fast the transfers could be processed, with no harm to the US at all.

 

[SpencerPJ]

You own a bathroom that is water tight when the door is closed. The toilet starts to overflow and the bathroom is filling up with sewage and getting close to the ceiling. What's the solution? Obviously, raise the ceiling.

Or simply cut a hole in the roof and float on top of it
Fiscal responsible and some politicians are oxymorons, heavy on the morons.
As long as Joey can stay home, smoke weed and get the same health care as Mikey who works hard and goes to work everyday, nothing will change. The western world has spoken the direction it will fight for, plan your life accordingly.

 

[CityGuy]

Or simply cut a hole in the roof and float on top of it
Fiscal responsible and some politicians are oxymorons, heavy on the morons.
As long as Joey can stay home, smoke weed and get the same health care as Mikey who works hard and goes to work everyday, nothing will change. The western world has spoken the direction it will fight for, plan your life accordingly.

Cry Havoc! and let loose the dogs of the Deep State !

 

[Oldgator73]

If you pay taxes it affects you.

No, not really. I have no control over how the taxes I pay are spent. Although it does irk me a bit that I pay more taxes than a former POTUS. We are in a low tax bracket because of some of my retirements being tax free.

 

[CityGuy]

No, not really. I have no control over how the taxes I pay are spent. Although it does irk me a bit that I pay more taxes than a former POTUS. We are in a low tax bracket because of some of my retirements being tax free.

You are fortunate. Still, the higher the debt ceiling, the more tax you'll pay.