I have been reading a lot of things today about how people out there are thinking that we should not have the fight on the debt limit because it is as they say "the wrong fight". People like Newt Gingrich think that we should wait and fight in March at the end of the CR and allow the debt limit to raise now and make the rest of the spending official in March with an actual budget. As if the Senate will actually pass one of those. HAHAHA
Erick, who does not support raising the debt limit, has a proposal to create a form of BRAC for the budget that does not allow them to even consider raising or lowering taxes, just what programs or departments need to be cut. While the concept has potential, I would wait until we have a realistic budget before we started doing that. We can use that create budget surpluses.
The biggest fear everyone that the people who are afraid to fight over the debt limit are scared that the GOP will be blamed because the media will continually scream about defaults. Well, I'll let you in on a small secret.
I previously wrote about the budget and how we had hit the debt limit here in there you will see that in 2011 we took in $2.469 trillion in revenues. Now our current debt payments total to prevent us from defaulting would only be $249 Billion in 2013. Now by simple math taught to me by a teacher who actually taught shows me that is right around 10% if total money taken in just to cover our debt. That leaves 90% (using that same math) for the government to pay for the other NECESSITIES that it is required to pay for.
So add that up with SS (820B), Medicare (523B), Medicad (283B), Defense (525.4B) that all equals up to $2.151 Trillion. All of this means that the leaches in DC would have about 300 billion to waste away as they see fit. Hell Dept of ED is $69.8B so they would still have enough left over to indoctrinate our children
Then after the month of not being able to borrow money and a small amount of normalcy sets in we can get down to business on that Budget fight. Those of you who have read my work know my feelings on how that should be fought.
Now lets talk about the 820 billion dollars in SS just because people refuse to take personal responsibility to deal with their own retirement they know eventually will happen.
All totals taken from the Obama 2013 budget.
Cross posted to The Handbook.