Long before Republicans used it to perpetrate economic terrorism by kidnapping the good faith and credit of the US, I thought the debt ceiling was a foolish idea. Our debt, proportionally to GDP, has been much higher, and the debt ceiling has never prevented Congress from spending one thin dime. The only purpose it has ever served has been to facilitate political posturing, until Republicans used it to blackmail the nation. I’m not the only one, who things we should scrap it.
Representatives Jerrold Nadler (D-NY), Hank Johnson (D-GA) and Jim Moran (D-VA) have introduced legislation to completely eliminate the federal debt ceiling, but the bill has little chance of survival with Republicans in control of the House.
"The debt ceiling is truly arbitrary and has nothing to do with the deficit," Nadler said in a statement. "The debt ceiling does not prevent the United States from incurring new debts, but has become a cudgel with which Republicans are holding our economy hostage and punishing the millions of Americans who are struggling."
Public opinion of Congress plummeted after the contentious federal debt ceiling debate in July. According to a CBS News/New York Times poll released shortly after the debt ceiling bill was signed into law, 72 percent disapproved of how Republicans in Congress handled the debate, and 66 percent of Americans disapproved of how Democrats handled it.
The poll was conducted on August 2 and 3, immediately after lawmakers and the president reached an agreement to would raise the debt ceiling until 2013 and cut the federal deficit by about $2.1 trillion over a 10-year period… [emphasis added]
Inserted from <Raw Story>
Now I realize that this has absolutely zero chance to passing the House, because Republicans want to blackmail America again. However, supporting this bill works, not just because it’s a good idea, but also, because we get to repeat why Republicans oppose it. They surely aren’t concerned about the debt. They created most of it.
16 Responses to “Do away with the debt ceiling”
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It doesn’t stand a snowball’s chance in hell of passing. Is this another example of political posturing? It seems so to me because the Dems who proposed it know it won’t get through the House.
No Patty It is not posturing, because it is legislation we need. Many bills are introduced year after year, when they have no chance of passing until support for them grows.
They should call the bill “The Hostage Prevention Act” – that way when Repubicans vote against it we’ll be able to honestly say they’re actively siding with hostage takers.
Brilliant!
Never did make any sense to me– but your correct- any chance of meaningful reform– in any area- has zero chance of getting past by the circus they call the House of Representatives .
Sadly!
Ten years ago we were on track to pay off the debt in ten years…then along came the republicans!
Amen Jerry. I tried to salvage the link, but it was too fractured.
Here is the link. Hopefully I’ve got it right this time.
Thanks Jerry! Excellent link!!!
I would prefer we institute a PROFITS ceiling, and that every penny made beyond a certain point go to the initiatives we so badly need, like spending for infrastructure, the poor, the elderly, the sick, and other related such uses.
Great idea, Jack!
Senator Huey P. Long had a plan back in 1932. The parallels of the Great Depression and today are uncanny.
http://www.hueylong.com/
From the website:
” In a national radio address in February 1934, Huey Long unveiled a plan called Share Our Wealth, a program designed to provide a decent standard of living to all Americans by spreading the nation’s wealth among the people.
Long proposed capping personal fortunes at $50 million through a restructured federal tax code and sharing the resulting revenue with the public through government benefits. Later revisions included capping fortunes at $5 – $8 million, annual personal incomes at $1 million (or 300 times the average American income) and limiting inheritances to $5 million per individual.
Long’s program advocated free higher education and vocational training, pensions for the elderly, veterans benefits and health care, and a yearly stipend for all families earning less than one-third the national average income – enough for a home, an automobile, a radio, and the ordinary conveniences. Long also proposed shortening the workweek and giving employees a month vacation to boost employment, along with greater government regulation of economic activity. ”
He was ahead of his time. That’s why conservatives killed him.
Jerrold Nadler (D – NY) “The debt ceiling does not prevent the United States from incurring new debts, but has become a cudgel with which Republicans are holding our economy hostage and punishing the millions of Americans who are struggling.”
The Republicans could give Al Quaeda a lesson in hostage taking.
Thanks Jerry Critter for the link. Very interesting and on the mark. Pavlov would love what the Republicans have done to the country!
Right on!