John Tate: Our nation has been in default for a long time
Campaign for Liberty President John Tate writes in The Daily Caller about how the current debate in Washington over raising the debt ceiling ignores the basic fact that the US is broke and can no longer pay its bills.
I can give you nearly 17 trillion reasons why our nation has been in default for a long time.
By its very nature, raising the debt ceiling means acknowledging our inability to make good on the checks we’ve written. The only way to pay Peter is to hope Paul does us another solid.
During Lew’s testimony, common sense briefly fought its way to the fore.
If the ceiling is not raised by October 17, and the federal government loses its borrowing authority, Lew noted, “we will be left to meet our country’s commitments with only the cash on hand and any incoming revenues.”
Imagine if we had entertained such crazy thinking long ago.
We find ourselves in a situation where it’s simply impossible to sustain a federal government this large without either the Federal Reserve creating money out of thin air or relying on the shaky kindness of strangers.
And for daring to question this system, limited government activists are considered the “radicals”?