If you thought the government was “shut down,” if you thought that Congress had to raise the debt ceiling to allow the government to create new debt, you’d be dead wrong.
Not only is the shutdown really just an exercise in annoying the common man without cutting back on any significant expenses, but the little goblins of bureaucracy are still busy putting us all deeper in debt.
Approximately $7,546,726,000,000 — that’s $7.5 trillion — in Treasury securities came due last week, so the Treasury paid them off.
Sounds like a good thing, right?
Except the Treasury trolls did it by issuing new debt to the tune of $8,323,949,000,000 — $8.3 trillion — adding $777.2 billion to the national debt without Congress having to bat an eyelash.
This sort of thing is standard practice, apparently.
In 2012, some $6,804,956,000,000 in securities came due and the Treasury paid for them by issuing $7,924,651,000,000, adding $1.1 trillion to our debt.
Similarly, in 2011, the Treasury increased our debt by $1.05 trillion; in 2010, $1.4 trillion; in 2009, $1.7 trillion; in 2009, $1.7 trillion. Under President Bush in 2008, the Treasury hiked the debt with securities by $682 billion; in 2007, $130 billion; in 2006, $161 billion.
Out in the real world of kitchen table America, families try to pay down their debt, not just roll it over onto a different credit card. And if they ever do roll over their debt, they certainly don’t write themselves an additional check “just because.”
The people in charge of our money need to learn to balance a check book, not get us in ever deeper. The Obama Administration has claimed from day one that it wants to fix the economy, yet it continues to take deliberate steps to make it worse.
This sort of laissez faire money policy that allows banks and agencies to essentially create money and indebtedness from thin air, outside the view of Congress and the public, is what has gotten us into our current mess.
The people in charge of guarding our money are not exercising even the slightest sign of ethics.