No jobs. Debt ceiling the top 2011 political issues thus far, government overspending, continue housing slump, unemployment greater than what’s reported by the media. No new job creation, congressional bickering, federal overspending, national deficit climbing with no end in sight, $14 trillion or $200 trillion deficit debt according to the latest reports? What is the future of our political system and the economy? Can you not blame Americans for the mistrust in government?If you’re not uneasy about the economy, you’re not human.
House and Senate members’ internal strife against each other and the president surrounding the debt ceiling is putting the entire nation at risk.How much damage this legislative meltdown has done to resolve what has fast become a real crisis isn’t yet known. But the damage to the president and each party’s credibility could have a trickledown effect as the economic fabrication with all the uncertainty encirclingthe debt ceiling. The job creators are not moving forward creating jobs to ease this “Great Recession”, instead holding back watching the two party system rebel into not accepting any compromise that’s for the good of the country.
Failure to raise the debt ceiling for the Federal Government to pay its bills could dramatically and negatively impact economic growth and job growth for years to come. For any reason this debt ceiling date of August 4 expires with no agreement reached. The country will experience the largest explosion of unemployed Americans, unpaid Social Security benefits, transportation shut down, national parks closing and at least 25 million more Americans unemployed.
Not all is lost in this massive prevailing game being played out in Washington. The United States debt repayment is guaranteed in the U.S. Constitution under the Fourteenth Amendment. The debt is authorized by law and cannot be questioned according to the constitution, section 4 of the Fourteenth Amendment. Any budget passed by Congress and signed into law by the President must befulfilled. Not doing so would be a violation of the respective oaths which Senators, Representatives, and the President vowed to uphold and defend the U.S. Constitution to its fullest.
Each time Congress ignores its own legislation it weakens the authority of the Congress and weakens the credibility of the federal government in the eyes of the Treasury Department and the Federal Reserve. So much of economic growth is about positive observation and support from congressional members. Businesses will be enthusiastic to grow and expand their labor force. Without the confidenceof the private sector, the U.S. government has the capacityto move debt ceiling forward for the purpose of the people it serves.
Raising the debt ceiling builds economic confidence for investors, financial institutions and job creators steady growing the Gross Domestic Product (GDP). The GDP will strengthen confidence in the economy, investors, consumerspending.But this debt ceiling is about a deficit fight for deficit reductionideas in order to rebuild the economy. For deficit reduction to occur, spending cuts as well as tax increases and the removal of tax loopholes for the rich individuals and corporations will be required. This is what Clinton did during his second term. Clinton imposed a wealth tax that did wonders for the economy. With this being said, I question why congressional members are fighting against raising the debt ceiling.
It appears as if the economy has taken a back seat in this debt ceilingwarfareusing the debt ceiling as a covert operation for the 2012 presidential election to unseat the Commandeering Chief by defaulting on its debt obligation. Instead of economic recovery and stability for the nation Democrats, Republicans, Independents, RINO’s (Republicans in Name Only) DINO’s (Democrats in Name Only) will not compromise the debt ceiling even if it causes another recession or even a depression clearly pointing at the White House.
The entire nation will be caught up waiting to see what happens next as the deadline nears. Americans will end up paying the price for the political game being played out on Capitol Hill
The opinion expressed in this commentary
article are solely those of Michael Coker