THE TRUTH ABOUT LIARS - GEITHNER AND GOOLSBE ON THE DEBT CIELING

YOU DO NOT NEED TO RAISE THE DEBT.

We do have to stop listening to lying liars such as Timothy Geithner and Austan Goolsbee. And the sooner the better.

Geithner then goes on to list all of the horrendous consequences such a lapse would bring — no Medicaid payments to the states, no student loans, no salaries and retirement benefits for our military, no income-tax refunds, no veterans’ benefits. And just in case you aren’t already shaking in your boots, no Social Security or Medicare benefits.

But this gem from goofy Goolsbee really got my goat: “If we get to the point where we damage the full faith and credit of the United States, that would surely be the first default in history caused purely by insanity.”

There’s just one thing wrong with Geithner’s and Goolsbee’s horrifying scenario: It isn’t true. In fact, it’s a total, 100 percent fabrication. Or to be blunt, it’s a lie. And both distinguished public servants know it.

Here’s the truth: “If Congress refuses to raise the debt ceiling, the Federal government will still have far more than enough money to fully service our debt.” I put that statement in quotation marks because it wasn’t me who said it; it was Senator Pat Toomey (R-Pa.).

It’s true that interest payments on our national debt cost a hefty amount — around $1.3 billion a day, in fact. But that sum, staggering as it is, represents only 6.5 percent of all projected Federal expenditures. Uncle Sam receives more than 10 times that amount in tax revenue. So Toomey wants Congress to pass a bill that will require the Treasury to make interest payments on our debt its first priority.

How about doing what every responsible family in America learned long ago to do: Match expenditures to income. Don’t borrow more than you can afford, just because you want some shiny new toys.

How can we possibly reduce spending enough to live within our means? For one possible answer, please go to www.DownsizingGovernment.org. This is where you’ll find a page-by-page, line-by-line review of the Federal budget by one of my favorite Washington organizations, the Cato Institute. They provide a detailed and convincing analysis of how to reduce spending by $1.375 trillion.

http://www.personalliberty.com/conservative-politics/government/barack-obamas-lying-liars/

HOW TO BALANCE THE BUDGET FROM CATO:




AS POSTED:
http://henrypatrick1736.blogspot.com/2010/11/fight-bho-on-raising-our-taxes.html