Faster horses
Well-known member
Mike Huckabee
Today, a Finance 101 lesson for the President…President Obama accused Republicans of risking default if they don’t raise the debt ceiling.
He should be trying to calm markets and reassure our creditors, not panic them. That was worse than irresponsible, it was just wrong. True, Washington spends more than it brings in. That’s why we need a good credit rating. But Washington brings in $3 trillion a year. The interest on the debt is about $416 billion. That’s outrageous, but it’s still just one-seventh of Washington’s income. God knows, they weren’t planning to pay down the principal. So all it takes to prevent default is to pay the interest. We have more than enough income to cover it, and since the law requires us to pay that first, it will be paid. Voila! No default. So maybe now, the leaders of both parties can take a timeout to think about how they brought America to the point that it’s easy to believe our economy would collapse if we couldn’t borrow another trillion dollars by Tuesday.
Today, a Finance 101 lesson for the President…President Obama accused Republicans of risking default if they don’t raise the debt ceiling.
He should be trying to calm markets and reassure our creditors, not panic them. That was worse than irresponsible, it was just wrong. True, Washington spends more than it brings in. That’s why we need a good credit rating. But Washington brings in $3 trillion a year. The interest on the debt is about $416 billion. That’s outrageous, but it’s still just one-seventh of Washington’s income. God knows, they weren’t planning to pay down the principal. So all it takes to prevent default is to pay the interest. We have more than enough income to cover it, and since the law requires us to pay that first, it will be paid. Voila! No default. So maybe now, the leaders of both parties can take a timeout to think about how they brought America to the point that it’s easy to believe our economy would collapse if we couldn’t borrow another trillion dollars by Tuesday.