Treasury Secretary Timothy Geithner testified before a House committee yesterday. When asked by a Republican congressman just how much the debt ceiling would have to be raised to meet all the expected expenses of the next decade, Geithner was reluctant to give a straight answer. In the end, he said something to the effect that the congressman would not be happy with the number. The best estimate from economic analyst Stuart Varney is that we would have to raise the ceiling another $9 trillion. That would make the overall debt close to $26 trillion.
Let’s be honest here. The Obama administration has no desire to lower the national debt. That approach doesn’t mesh with its Keynesian ideology, i.e., that government spending is the path to prosperity. While most of the country is appalled by the black hole of debt we’ve accumulated, neither Obama nor any of his top people are the least bit concerned—except, of course, if it should happen to negatively affect his reelection plans. That is the only possible curb on his recklessness as he seems intent on driving us off the cliff.
And whenever a plan to deal with the debt problem is offered, it is immediately demagogued to death, as was the case for the new bill offered by Congressman Paul Ryan a few days ago. As always, anyone who takes a sobering look at the issue and tries to start a genuine debate on how to work our way out of looming financial disaster is demonized as someone who enjoys seeing people starve in the streets.
One way to ensure Americans have less income to spend on essential goods and services is to continue to ignore the rising gas prices while lavishing billions on experimental “green” energy. Those billions, by the way, come as a “gift” from the taxpayers. President Obama defends this approach by saying that America can’t drill its way into relief from these high prices. He always says we have only 2% of the world’s oil reserves. Wrong. Estimates show that there is more untapped oil and natural gas within America’s boundaries than that which exists in Saudi Arabia. Again, let’s be honest here: Obama just doesn’t like the oil industry and pushes for his pet projects, blinded by his ideology.
Pathetic. Unfortunately, we’re on the receiving end of his fantasies.