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Obama Claims Raising Debt Ceiling does not Increase Nation’s Debt

Posted by Steve Markowitz on September 25, 2013

ObamaBarack Obama is known to be an eloquent speaker.  At the same time he is prone to make statements that do not meet the smell test of reality.  Last week, while speaking at day Business Roundtable headquarters in Washington, DC, the President took this separation from reality to a new level saying:

“Now, this debt ceiling – I just want to remind people in case you haven’t been keeping up – raising the debt ceiling, which has been done over a hundred times, does not increase our debt; it does not somehow promote profligacy.  All it does is it says you got to pay the bills that you’ve already racked up, Congress.  It’s a basic function of making sure that the full faith and credit of the United States is preserved.”

This statement is so outrageous that it brings into question either the President’s intellectual capabilities or the degree of honesty that he speaks to the people he is supposed to be working for.  Creating spending programs that include his $787 billion stimulus package and new entitlements programs including Obamacare have real costs.

Raising the debt ceiling to pay for them and the interest on previous commitments raises the nation’s debt.  Anyone with a basic understanding of finance is in touch with this reality.  It is only the knuckleheads in Washington who live in alternative universe.

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