Everyone knows that social security and medicare etc the largest drivers of are debt is money the government owes itself so its really an imaginary problem but the real devil is the instability its causing cause it shows the world were not competent and our financial house is a mess.
We have to restore confidence in our markets to build our markets and it starts with getting are finances in order.
We do not need another economic crisis in this country. People (military personnel in particular) are getting robbed of what is due them! Raising the ceiling will not enable new spending; it will only support already existing programs. This stand off has only weakened the nation's citizen's faith in our representatives.
I tend to wonder if the whole debt ceiling is actually not just an out of control media ploy that is used to get you to believe that we have a bigger problem then we really do. We need to change the frame work of the debate and figure out budget and spending.
There is no reason why a debt ceiling should even exist other than as a vehicle for political posturing. I think the debt ceiling should be abolished altogether and automatically refreshed whenever it is necessary. The US needs to control its debt, but that's not going to happen overnight. Until then we need our fiscal integrity to be intact.
Politicians do not want to make the hard but necessary choices needed to contain our spending. Everyone is for cutting spending, but just not for "their" programs. No politician wants to face cuts on their watch-- so they always punt the can down the road another 2 years and past the election. These perverse incentives mean politicians are INCAPABLE of doing what's right financially in the long run.
The debt limit may be the only tool left in our arsenal to force politicians to make cuts. If they face a hard limit, they will either have to make cuts across the board, or fight hard to truly justify the programs they want funded.
Our current trajectory of ever-ballooning debt is unsustainable. By definition, if something is unsustainable, it will not be sustained. We can either have a hard landing now (by taking our medicine and making difficult cuts), or we can have a crash later. The opportunity for a soft landing is long past, regardless of what some politician selling snake oil will tell you.
Do not think I would reverse position if it were Republicans doing the spending. In fact, debt and spending have historically increased even faster when Republicans are in control! They need to be reigned in even more than the Democrats.
We have long heard people complain that we are saddling our grandchildren with insurmountable debt. Well, by now it is no longer the grandchildren, but our children and even ourselves! The time to pay the piper is fast approaching, and the less we do about it, the worse off we will be.
In short, as painful as it may be in the short term, the time is long past due to make the hard choices that will ensure we still have a reasonable economic future.
Before we raise the debt ceiling we need to do away with frivolous defense spending, welfare, and unemployment insurance. We should also pass a balanced budget amendment and a flat tax to raise more revenues before we take more loans that we will not be able to pay off. This is how the US will be able to control its debt, not by raising the debt ceiling.
We are already in too much debt to pay off and raising the ceiling would compound the problem. As we get into more and more debt ore and more of our national income goes to debt service leaving less to use to start businesses, increase employment, or spend on our aging infrastructure. A reduction in the size of the government and a reduction in spending will contribute to the growth of our economy and allow for new businesses to start bringing in more revenue to the government.