"It profits me but little that a vigilant authority always protects the tranquillity of my pleasures and constantly averts all dangers from my path, without my care or concern, if this same authority is the absolute master of my liberty and my life."

--Alexis de Tocqueville, Democracy in America

Thursday, January 12, 2012

$1.2 Trillion

President Obama has asked Congress for another debt ceiling increase, this time of $1.2 trillion.   If you read the article, it seems like everyone is treating this with a rather blasé attitude:

The request is largely a formality. It’s the third and final request the president is allowed under a deal the White House and lawmakers reached in August to prevent a government default.
But Republicans are likely to use the election-year request as an opportunity to criticize the president’s spending policies.

Congress has 15 days to reject the president’s request. The White House says Obama would veto any objections in order to avoid a default.

Obama originally planned to make this request in late December. But with Congress on vacation until mid-January, lawmakers asked Obama to delay his request so they could vote on the matter when they return.

I don't know.   Maybe it's just me, but I am not quite so calm about borrowing $1.2 trillion.   Hmmmm... there are approximately 150 million people in the workforce, working hard to support their families.    Of those, the top 10% pay roughly 70% of the federal income taxes.   So 15 million people are really carrying the load.    Let's say that $750 billion of the new borrowing is attributable to those 15 million people.   So Obama just blithely, in an article that doesn't even make the front page, asks the federal government, acting on behalf of the American people, to borrow roughly $50,000 per member of that top 10%.

I'm one of those guys.   He just spent about one-third of what's left on my mortgage, that I've been slaving to pay off in 15 years so I can maybe afford college for my kids.   And he'll do the same thing next year, and the year after that, and the year after that.  

Sheesh!   When will this crap stop?

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