Even Dick Cheney was not totally incorrect for once when he stated “Deficits do not matter”.Hey, even an analog clock that does not run tells the correct time twice each day!
And exactly why would they not matter?
Western civilization has indeed been running up a high debt level for about the last three hundred years or so, well before the US was even a separate country. Could this in turn have a possible correlation to the fact that the same western civilization has created the greatest standard of living for average (economically at least) people in the entire history of the world? Mmmmm….could be!
Also, just what is the over all worth of the US Government anyway?
I have seen figures that state that the over all worth of the US Government runs from anywhere in the neighborhood of at least $100 trillion dollars, all the way up to over $200 trillion dollars. The US government owns more than 40% of ALL the land within the borders of this country alone, what would even just that be worth?
So, if you were a loaning agency, would you loan $10,000 to someone that had a net worth of over $100,000? You better bet your bottom booties that you would!!
And just where were all of these current Republican deficit hawks when the last administration was running up a debt ?
Besides which, raising the debt ceiling is just making it possible to pay off money that has already been authorized by Congress (whether a Congress of a Republican majority, of one of a Democratic majority, does not even matter in this case).
If the US had such a bad debt, then just why every time the treasury has a bond sale does every other country on this planet jump at the very chance of buying some?