Author Topic: The Uniparty's dirty little secret.  (Read 413 times)

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Offline old dog 2

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The Uniparty's dirty little secret.
« on: October 10, 2021, 03:25:07 PM »
The bill to raise the debt ceiling, not the short tern kick-the-can-down-the-road version but the actual Democrat bill, HR5415.

Read it here, it's only two pages: https://www.congress.gov/bill/117th-congress/house-bill/5415/text

Quote
The dollar amount contained in section 3101(b) of
9 title 31, United States Code, shall be treated as being
equal to such greater dollar amount as the Secretary of
the Treasury may periodically determine. The preceding
sentence shall not apply to the extent provided in any subsequently
enacted provision of law.

So it’s not raising the debt limit, it’s eliminating it in it’s entirety.

The Democrats don’t want to talk about it, the MSM won’t talk about it and the GOP isn’t talking about it.

Motivations are obvious except for the GOP. My guess is that they don’t want to look like absolute fools or traitors when they fold their tent and go home for the Holidays.

They SHOULD be screaming:

IT’S NOT RAISING THE DEBT LIMIT, IT’S ELIMINATING IT.

Even low information voters can understand this.  The Establishment is preparing to sell you down the river.

Truly, whoever can make you believe absurdities can make you commit atrocities.  - Voltaire

Offline Mr Mannn

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Re: The Uniparty's dirty little secret.
« Reply #1 on: October 10, 2021, 04:04:03 PM »
They intend to make money worthless.

Offline Eupher

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Re: The Uniparty's dirty little secret.
« Reply #2 on: October 10, 2021, 05:03:23 PM »
I am no finance guy, first and foremost. I confess I don't quite follow the logic here. Can someone please spell this bill out in plain, simple English?

Section 2 of this bill says, "Secretary of Treasury authorized to increase public debt limit."

So if I'm reading this correctly, this bill would strip Congress of its authority to establish the public debt and drop it in the lap of Yellen, who is a leftist.

Her reaction, in the event this bill passes, would be essentially to write a blank check. The current debt limit, some $29T and change, could then become $100T at the drop of a hat (theoretically).

If Congress were to spend that much money on all the f'n boondoggles BOTH parties love, the debt goes up, interest payments go way, way up, and we're that much closer to default.

THAT would be catastrophic. The U.S. credit rating already took a hit back in the Obama days when the housing debacle happened. No idea what it is today, but presumably about the same.

How much interest or percentage of GDP are we paying on the current debt? At which percentage point does the interest payment become untenable, meaning that social security, Medicare, the cost of running the government, etc., all grind to a halt?

What am I missing here?  :shrug:
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Offline old dog 2

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Re: The Uniparty's dirty little secret.
« Reply #3 on: October 10, 2021, 07:09:49 PM »
I'm not a finance guy either but I think you've got it.  Maybe some expert will edumacate us but I doubt it.
Truly, whoever can make you believe absurdities can make you commit atrocities.  - Voltaire