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Originally Posted by MZ DAIZY
Off topic: help me understand this debt ceiling crisis…
From what I understand, Social,Security and Medicare will still be paid since they come from a separate trust.
From what I can figure this is like having a credit card that you’ve spent up to your limit. You can call them and have you limit bumped up, but if you continually spend up to your limit and make only minimum payments (interest), you are NEVER going to pay that card off.
The republicans in congress are willing to raise the credit limit to pay what is owed, but insist on cutting spending.
IOW, your $1000 credit card gets its minimum payment BUT you can’t charge anything else to it. You need to stop spending money you don’t have.
Can someone explain to me why the Dims are so opposed to this? It makes perfect financial sense. Why is Brandon dragging his feet on this? Other than he’s a demented moron….
Who did he think was going to pay for all those TRILLIONS of dollars he spent on pet projects like “infrastructure” “a foreign Country’s borders” and “inflation”?
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From my understanding, yes, you are correct about the debt ceiling and the credit card analogy. I am under the impression that the debt really got out of hand with COVID and "free money".
Regarding SS and Medicare, I've read both that it would and would NOT be affected
Not like if we can ask anyone because we've never been in this type of situation before lol.
IMO, they want to raise the debt ceiling AND not cut back on spending because they have an agenda to finance and fulfill (i.e. student loan forgiveness).
Can anyone clarify this?