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PrintRaise the debt ceiling
May 26, 2011 - 02:56 PM
Editor, Index-Tribune:
Republicans and Democrats agree to raise the debt ceiling so we don't crash the country.
President Obama wants a stand-alone bill, the Republicans want to attach the privatizing of Social Security and vouchers for Medicare to the bill.
Stop the blackmailing, deal with Social Security and Medicare separately.
On May 16, the government started to borrow money from the federal pension fund. That will hurt federal employees. By not raising the debt ceiling, it will cause interest rates to climb and effect the stock market, where most of our 401Ks are invested, which hurts all of us. Raise the debt ceiling and move on.
Greg Larson
Boyes Hot Springs
Please note: Your full name will be published with your comment.
Last time we didn’t increase the debt ceiling in 1995, it cost us $800 million.
If we don’t do it this time, 40% of the government would stop working. That means no Social Security, no Medicare, no unemployment, no funding for our troops, etc.
Defaulting on our national debt could cause a run on Treasury bonds. For example, China could ask for their money back. It would be like a run on the banks, but instead it would be a run on our economy.
Also our credit worthiness would drop, leading to higher borrowing costs, and a larger deficit and national debt.
Finally, our government is responsible for about a fifth of our spending. If that money is suddenly gone, we have another Depression.