Watchwoman on the Wall

Watchwoman on the Wall


Democrats Spook Markets with Bogus Threat of Default

posted by Donna Calvin

“Failure to raise the debt limit would force the United States to default,” Treasury Secretary Timothy F. Geithner panted in a May 13 letter to Sen. Michael F. Bennet, Colorado Democrat. “A default would inflict catastrophic, far reaching damage on our nation’s economy, significantly reducing growth, and increasing unemployment.”

Democrats can make your investments turn to mush speaking "Defaultophobia"

Mr. Geithner’s hyperventilation ignores the experiences of millions of Americans who have refused Visa’s and MasterCard’s offers to boost their credit ceilings. Ignoring one’s bills can trigger default; leaving one’s borrowing threshold intact does not. Keeping credit lines unchanged is a first step toward spurning further debt. Responsible cardholders will eat at home more often and, perhaps, shop at Joseph A. Bank rather than Hugo Boss. The resulting savings then go straight to debt reduction.

“It’s not accurate at all to equate a failure to raise the debt limit with a default on our Treasury obligations,” Sen. Patrick J. Toomey, Pennsylvania Republican, tells me. “That’s totally false. Tax revenues will be nearly 10 times the amount of money needed to avoid defaulting on our debt.”

Indeed, the Congressional Budget Office (CBO) forecasts $2.23 trillion in federal tax revenues for fiscal 2011 and net interest expenses of $213 billion. Mr. Geithner will have plenty to pay bondholders.

Post Continues on www.washingtontimes.com



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Tammy McLaughlin

posted May 29, 2011 at 3:30 am


Why would American citizens want to be responsible for the debt that should be the main focus of the U.S. Treasury? The Treasury is collecting money from honest tax payers that should be used to towards important issues such as retired veterans’ pensions or Medicare. It is a shame that we are not taking care of the people that have worked so hard and get nothing in return.
I am ashamed to be the granddaughter of two Purple Heart recipients of the United State Army that have not received proper recognition for sacrificing their lives. It is sad that they serve and protect but do not have proper medical coverage, pensions for their surviving families’ future and educational opportunities. In fact, I was informed by the veterans’ affairs that the U.S. Military should pay for my parent’s education, but they were denied. I like them are a low income individual with a lot of debt that is a victim of circumstance. I believe that it would be an American dream for individuals to hold an account with Hugo Boss or have active shares in Wall Street Journal Corporations; in fact I cannot even fathom what it would be like.
I think that you should stop harassing the average American Citizens that not only pay exuberant taxes to the Internal Revenue Service to fund our military but, are just trying to survive life’s unexpected calamities; death and taxes.



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