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unixronin: Galen the technomage, from Babylon 5: Crusade (Default)
Unixronin

December 2012

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August 1st, 2011

unixronin: Rodin's Thinker (Thinker)
Monday, August 1st, 2011 09:20 am

"The simplest option is the best," says Annie Lowrey, writing in Slate.  "Congress needs only to lift the ceiling—or, better yet, to abolish it—to keep the country solvent and to give it space to move on to tackling the country's real problems."

Tell you what, Ms. Lowrey.  How about you try that with your credit card company — you know, just call them right up and let them know that you're unilaterally eliminating your credit limit — and let us all know how it works out for you.

I can scarcely believe how many supposedly at least moderately intelligent people think that the "validity of the public debt" clause in the 14th Amendment means the government can pile up debt without limit.  What it MEANS is that once it has accumulated a debt, the government is not permitted to simply casually repudiate it and pretend it doesn't exist — say, on the grounds that "but that was a previous administration that spent that money".  Come on, people, it's not even big or obscure words like that pesky "well regulated" bit.  "The validity of the public debt of the United States [...] shall not be questioned."  What does that mean, in the plainest possible terms?

It means this:

The United States may not deny that money which it has borrowed is legally owed, or that it is obligated to repay it.

Nothing more.

Nothing less.

Fiscal responsibility.  No wonder the Left is so confused about it.