68% say wrong track…

Are the American sheeple  finally waking  up?   Not if MSM can help it.   It doesn’t want to report that the Senate doesn’t want to pass a budget,  and has not since 2009 because that might reveal Democrats’ true priorities.   Much better to focus on obstructionist Republicans and the crazy Tea Party caucus than to point out we have a President so economically illiterate that he  says increasing  the debt limit does not mean increased debt,  and that ObamaCare  has nothing  to do with the economy.

Fraud at the Fed…

Lord Monckton discussed the  fraud back  in July,  after Rep. Michelle  Bachman grilled  Federal Reserve Chairman Ben Bernanke.   It was hard to dispute that Treasury has  already exceeded  the debt limit,  but the latest report that it ran a $98 billion deficit in July but the debt  remains exactly  the same makes it quite clear.

 

Debt limit reached…

We officially  hit the debt  limit this morning,  and other than Cassandra Geithner wailing about default,  the republic has not yet collapsed.   His Oneness wants you to believe he is serious about reducing the debt and deficit.   If you believe him,  you are a fool.

Democrats did not pass a budget last year because they couldn’t make the numbers work,  and they believed not having to vote on those numbers would save some Democratic congressional asses.  It may have.   They don’t want any budget to pass now.   They are perfectly content to have the ramped-up spending continue until the next election,  when they hope their party will re-take the House and they can spend even more.

Sen.  Chuck Schumer roars that the Republican failure to increase the debt limit will cause another recession,   and the Ryan budget proposal  will KILL YOUR  GRANNY,  and candidate Newt Gingrich  agrees it’s  radical!   Newt  once knew  better.   Paul Ryan  still does. Danger,  Will Robinson!

Veronique de Rugy has an  excellent post  on the entire debt ceiling mess,  especially useful in light of the Domenici/Rivlin bleating about   Save as You Go  planning.   De Rugy also shows who owns all our debt,  here.

If you have conservative congress critters,  stiffen their spines early and often.   If yours are progressive or liberal,  carve them a new one.  It is important that all of them are called to account when they lie,  mislead,  and obfuscate.   Make them pay for it.

Hitting ceiling or fan?

The government is  on pace  to hit the debt limit in less than a week,  and His Oneness is still running around claiming we have to spend more money,  and trashing the Ryan plan  as radical.    ( h/t the Drudge Report)   FactCheck.org did what it does and corrects  the President’s  claims on  that plan.

Michael Tanner is right, and so was I   — Obama has a campaign plan,  not a budget  plan.

Adding to this lovely news is that  government cash  handouts now exceed tax revenues.

And now the  game of chicken  over the debt ceiling is well and truly joined.

Debt ceiling increases…

Veronique de Rugy excels at producing charts which make sense of economic points.  She has provided a  sterling example this week pairing the changes in the statutory debt limit since 2000  with the corresponding debt subject to the statutory limit.

I urge you to have a look,  and do follow the links.   It won’t take long,  and it’s as painless a way to learn some economics as you’ll find.   It will be particularly useful in the upcoming debate over raising the debt limit —  again.   Pass it around so your friends and family will understand the limit has not been a brake on spending as intended.