Blog on the Run: Reloaded

Thursday, September 10, 2009 8:13 pm

Cap, not trade

Filed under: I want my money back. — Lex @ 8:13 pm
Tags: , ,

Sorry; this has nothing to do with the environment.

Since the government started shoveling money out the door to the financial industry about this time last year, people have been worried about the effect on deficits and the national debt. That worry, of course, only accelerated with the automaker bailouts and the stimulus package.

But here’s the thing. The national debt is capped by law, currently at about $12.1 trillion. The White House wants that limit raised to $13 trillion. Congress has to do that or the government could go into default, unfortunately, but you can send a message of concern about this long-term problem by signing this e-petition at Zero Hedge opposing raising the national-debt cap.

But, Lex, you might ask, aren’t you being inconsistent by signing such a petition? In the short term, yes, although I would argue that that inconsistency could be eased a great deal by cutting spending. I’ve run just enough of the math to know that this wouldn’t make up $900B, but I’d at least start with what we’re spending to be in Iraq and Afghanistan.

Long-term, this ever-increasing debt spells disaster.

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