I’m beginning to think that not only is Joe Biden not stupid – maybe he should be in charge?
The president today said that raising the debt ceiling does not increase the debt. I’m not talking about the president of Honduras, Jesus Braunschweiger, the dictator General Garcia, or even Señor Pepe..
I’m talking about the man I was told was the smartest guy who ever walked the halls of Harvard and was going to fundamentally transform this country. Well, welcome to Banana-land where you can get rid of your credit card debt by simply going to the mall and buying more stuff! Hat tip to CNS NEWS.com:
In a speech at the Business Roundtable headquarters in Washington, D.C., Obama dismissed concerns about raising the debt ceiling by noting that it’d been done so many times in the past:
“Now, this debt ceiling — I just want to remind people in case you haven’t been keeping up — raising the debt ceiling, which has been done over a hundred times, does not increase our debt; it does not somehow promote profligacy. All it does is it says you got to pay the bills that you’ve already racked up, Congress. It’s a basic function of making sure that the full faith and credit of the United States is preserved.”
Obama went on to suggest that “the average person” mistakenly thinks that raising the debt ceiling means the U.S. is racking up more debt:
“It’s always a tough vote because the average person thinks raising the debt ceiling must mean that we’re running up our debt, so people don’t like to vote on it, and, typically, there’s some gamesmanship in terms of making the President’s party shoulder the burden of raising the — taking the vote.”
But, isn’t the fact that the U.S. has hit its debt ceiling “over a hundred times” – and, thus, has had to keep raising it – proof that raising the limit does, in fact, lead to increased debt?
.. and remember: You didn’t build that.