Think Freely Media presents Common Sense with Paul Jacob

Senator Chuck Schumer insists that it would be the height of irresponsibility either to freeze the federal government’s debt ceiling or “shut down the government.” Either action would risk “the credit markets losing some confidence in the United States Treasury” — tantamount to “Playing with fire.”

The opposite of his point appears closer to the truth.  Michael Tanner explains that “If the debt ceiling is not increased, the Treasury can prioritize interest and debt payment to avoid a default and essentially put the government on a stringent pay-as-you-go basis.” Economist Robert Murphy adds that “even if the debt ceiling weren’t increased, the Treasury could still roll over its debt as existing bonds matured. The only thing the Treasury couldn’t do would be to issue more debt.”

The truth behind Schumer’s clichéd metaphor is this: He and his cronies have been “playing with fire” for a long time. And it’s worth noting that forcing the Treasury to switch to pay-as-you-go would likely have the opposite effect on credit markets than he contends: When prodigal spenders cut up their credit cards and continue to pay existing bills, creditors tend to breathe a little easier.

But expect no such acumen from Schumer, who, in that same exhortation, lists the “three branches of government”: The House, the Senate, and the president. Apparently, he hopes to gain authority for his contentions by piling factual error upon cliché.

This is Common Sense. I’m Paul Jacob.

By: Redactor

7 Comments

  1. Dagney says:

    It is my growing realization is that the Democrat party is the party of children in adult bodies. They, like children, will try to get away with anything. If they are not disciplined by the “adults”, as they have not been for many years, they will continue with their misbehavior. Some of it will be just stupid and thoughtless. A lot of it will be, and is, criminal. It seems that we need to start realizing that the left are people that do not grow up and they and their actions must be curtailed and criminalized. They must be held to account for their actions. Otherwise, our country will not survive the rein of these children.

  2. Many of the illicit substances sufferers of the Fascissocialst Psychosis, from their pre-teen years, habitually imbibe, are, as is alcohol, pickling agents and/or are preservatives.

    And every for-ever-infantile (il)liberal is preserved and/or is pickled in perpetually petulant pre-puberty.

  3. Jay says:

    What can one expect from a Senator, who (I think it was last year, maybe 2 years ago)-HOLDS HEARINGS- BECAUSE–DRUM ROLL–THERE WAS SCALPING -SUPPOSEDLY–ON TICKETS TO A NEIL DIAMOND CONCERT.

    This, evidently, IS SERIOUS BUSINESS, THAT THE US CONGRESS MUST DISCUSS.

    Then again, if they spent all of their time worrying about concert tickets, athletes taking drugs, etc-perhaps we wouldn’t have the abomination known as Obamacare-which they never read, anyhow, before voting for it.

    Defeat them all

  4. […] I wrote a few days ago, let’s put the federal government onto a cash, pay-as-you go finance plan immediately. This would […]

  5. Linda says:

    DEMOCRATS ARE RETARDS! END OF STORY

  6. […] that no one is arguing for government default. But isn’t it amazing to see so many politicians work so hard to ensure that un-argued-for […]

  7. Mccayde says:

    No quetsion this is the place to get this info, thanks y’all.

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