The Latest Deal From The Debt Ceiling Compromise: A Statutory Rape Of The American People
August 1st, 2011
By Barry Secrest
In listening to the bits and pieces of information leeching out over the so-called "compromise." Everything that we have heard would suggest that nothing will be immediately done about our ridiculous spending problem. The vaunted $ 1 Trillion dollars over 10 years in savings would work out to about $ 100 Billion per year. $ 100 Billion dollars then works out to less than what is roughly America's average "monthly" deficit, believe it or not.
This compromise does not save America's AAA bond rating and, therefore, does not address the actual problem immediately or even eventually.
So far, no word has been given on the actual amount that the debt ceiling limit will be increased as a result of this compromise. This would normally indicate that the amount is most likely to engender controversy within the populace. I am sure we will be seeing the amount of the increase soon.
Obama has indicated that a commission will be established to guide and direct future cuts and that this commission will meet in November. We are also fully aware of what happened to the recommendations of the last commission that was established, in that they were totally ignored. Obama had indicated back in 2008 that a commission is normally established when no one wishes to deal with the problem at hand, so the President might forgive a verifiable dubiousness of most Americans with regard to this particular idea.
Finally, the Republicans appear to have missed out on the one true fact that is at work throughout this entire process. If the US House did absolutely nothing, then America could no longer borrow any further funds and would be forced to massively rein in its extravagant spending ways immediately and thereby save our AAA bond rating. The possibility of default is just that, a remote possibility only.
This is where the Republicans have consistently erred within the entire process, being more worried about re-election than the country is not what the American people hired its officials to accomplish. More on this tomorrow night when the latest article will be released.
If the compromise can do no better than this, then we should allow the existing law that is on the books to handle this problem for us.