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Halliburton Company Message Board

  • dei.verbum Mar 18, 2013 6:10 PM Flag

    Debt Limit Fights - A False Argument

    The problem, as I see it, with the debt limit standoff between the two parties is that it is a false argument to begin with. Let me explain. If your family incurred debts that it later thought were too high to maintain, would it call a family meeting and say that no debt over a certain amount would be paid? No, because at that point it would be too late to set a debt limit; the family still has to pay all of its debt incurred unless it wants to consider filing for bankruptcy.

    During a governmental fiscal year, Congress passes a budget for a later fiscal year. That's when the arguments should occur, during budget negotiations. It makes no sense for a bipartisan congress to pass a budget, then later argue that it won't pay the government's debt because the budget pushed the debt too high. That argument should occur during budget negotiations and not after the budget has been passed.

    Democrats and Republicans both have their economic views. Whatever they are, they should be supported by facts and sound economic theory. In the long run, overspending will seriously hurt this country. In the short run, it may be a temporary way to get us out of this recession. Look to history and the Great Depression to get an idea on what works.

    In any event, I remain an optimist for our country and am sure that, somehow, we'll work it out in the long run. Oops! I just contradicted John Maynard Keynes, who said: "The long run is a misleading guide to current affairs. In the long run we are all dead."

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