Sorry, but extending the debt only maintains the status quo. As the status quo sucks for working Americans, there is simply no reason we need to fund the status quo by taking on more debt. The debt limit shouldn’t be raised–and here’s
1) Without more debt, we will be forced to end our wars overseas. We are currently fighting at least 4 wars overseas. I want those wars to end now. If the U.S. can no longer borrow money to spend on its overseas wars, those wars will end.
To make our wars as painless to voters as possible, our government fights its wars using borrowed money. These are the only wars in our history where our government actually cut taxes during war time. Wars would be much less popular if Americans actually paid for them with tax increases, instead of debt. That was Obama’s point when he voted against raising the debt ceiling under Bush and it is my point now. If our elected officials want to continue these wars, then they should be required to either raise the taxes necessary to fund them, or end them. If you don’t want the government to borrow money to fund our wars, then you should be AGAINST raising the debt ceiling.
2) We need to be free of Wall Street. From what I read, not raising the debt ceiling will kill Wall Street. I say “good riddance.” Its become clear that Wall Street rules our country. Both of our large national parties are funded by Wall Street. Both of them do Wall Street’s bidding. Neither party will do a thing to end Wall Street’s rule.
Personally, I’m tired of living in a country where Wall Street rules. If our elected officials are not willing to do anything to tame Wall Street, then that beast must be put down. The failure to raise the debt ceiling will hurt Wall Street. Not only will the failure to raise the debt limit hurt Wall Street, but when it is hurt, our government will not have be able to borrow to bail it out again. The result, “by-by Wall Street.”
3) The rich and powerful must pay their share. When our government can no longer borrow money, it will be forced to raise taxes on the rich and powerful. Currently, the rich and powerful do not pay their fair share of what it costs to run this country. We have too many people and corporations earning billions and billions of dollars per year that do not pay a single penny in Federal Income Taxes. That’s right, not a single penny!
Instead of requiring the rich to pay the taxes needed to fund our government, our government borrows the needed money from the rich. It then pays them interest every year on that money. This system only drives the government, and by extension those of us who actually pay taxes, further and further in debt every year. Screw that!
Our system of borrowing from the super wealthy, instead of taxing them, has to end NOW. The rich must pay their fair share of taxes, instead of lending money to the government and taxpayers like us paying them interest. And stopping the government from borrowing will end it.
Updated by TimmyB at Mon May 16, 2011 at 03:54 PM PDT
Most commenters seem to equate "no more government borrowing" with "government not paying back its debt." I never argued that the government should default on its debts. To be clear, it should not default. It should however stop borrowing, when such borrowing only maintains our wars and our "Wall Street rules" system of government.