{"id":3151,"date":"2011-07-07T15:45:15","date_gmt":"2011-07-07T15:45:15","guid":{"rendered":"http:\/\/www.rightwinggranny.com\/?p=3151"},"modified":"2011-07-07T15:45:15","modified_gmt":"2011-07-07T15:45:15","slug":"is_the_sky_falling","status":"publish","type":"post","link":"https:\/\/www.rightwinggranny.com\/?p=3151","title":{"rendered":"Is The Sky Falling ?"},"content":{"rendered":"

On Tuesday Newsbusters<\/a> posted a rather long article on the debt ceiling, treasury bonds and how government spending and interest payments work.  I strongly suggest that you follow the link and read the entire article, but I will try to summarize some of it here.<\/p>\n

The article lists the monthly interest payments on our debt so far this year and points out that interest is by far the greatest monthly expense associated with our debt.  If we continue to make those payments, our debt remains in good standing.<\/p>\n

The article then lists our monthly tax receipts and points out that those receipts far exceed our monthly interest payments.  The article reports that in fiscal 2011 we have made interest payments of $275 billion and taken in revenues of $1.48 trillion.<\/p>\n

The article posts graphs of treasury bills and stock prices indicating that the financial markets are not overly concerned about the debt ceiling.  <\/p>\n

The article concludes:<\/p>\n

\n

“Consider that last August, we brought in $164 billion in receipts. As it should be equal to or greater than that this year, we will easily afford the roughly $35 billion of interest expense without raising the debt ceiling.<\/o:p><\/span><\/i><\/p>\n

“Our monthly Social Security and Medicare outlays in May were $51 billion. Assuming they’re close to the same in August, we’d still be left with $78 billion to pay military members, and a variety of other things.<\/o:p><\/span><\/i><\/p>\n

“Will we have enough to meet all of our obligations?<\/o:p><\/span><\/i><\/p>\n

“Certainly not. Like what’s happened in the past, many government employees and contractors would be given IOUs.<\/o:p><\/span><\/i><\/p>\n

“BUT, unlike what the Obama-loving media are telling people, we won’t have to default on our debt, we won’t have to forego payments to America’s seniors, and we won’t have to hold back the salaries of our military members in the field.<\/o:p><\/span><\/i><\/p>\n

“Just imagine how much different this debate would be if our press were actually presenting the truth to the people rather than the hysteria-driving nonsense that’s been on display of late.”<\/o:p><\/span><\/i><\/p>\n<\/blockquote>\n

What we are currently seeing in regard to the debt ceiling is political theatre orchestrated by the Obama administration and cheered along by the media.  We need to ignore it and watch what is actually going on in regard to the runaway spending of this administration.<\/p>\n","protected":false},"excerpt":{"rendered":"

On Tuesday Newsbusters posted a rather long article on the debt ceiling, treasury bonds and how government spending and interest payments work.  I strongly suggest that you follow the link and read the entire article, but I will try to summarize … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3151","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/3151","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3151"}],"version-history":[{"count":0,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/3151\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3151"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3151"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3151"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}