13 November 2015
A Ceiling Has To Stop Somewhere Right?
The Agreement
As many of my readers should already know, on October 30th, 2015, an agreement was made to raise the debt limit to $18.1 trillion after Treasury Secretary Jacob J. Lew warned that without doing so by November 3rd, the nation could face default. The agreement will extend borrowing authority through March 2017. Below, the graph inserted gives you an idea of the increase in US national debt from 1965 to 2014.
The Definition
Some of you guys may be asking, what is a debt ceiling, or, debt limit anyway? Well, directly from the US Department of Treasury webisite, http://www.treasury.gov/initiatives /Pages/debtlimit.aspx, it gives the following definition for debt limit:"The debt limit is the total amount of money that the United States government is authorized to borrow to meet its existing legal obligations, including Social Security and Medicare benefits, military salaries, interest on the national debt, tax refunds, and other payments. The debt limit does not authorize new spending commitments. It simply allows the government to finance existing legal obligations that Congresses and presidents of both parties have made in the past."
Also, US Department of Treasury's website goes on to say that a
failure to raise the debt limit could have catastrophic
economic consequences, causing the government to default on its
obligations. This would bring about another financial crisis,
possibly worse than the last one, and threaten the jobs and savings
of everyday Americans. In addition I would like to add, threaten
American trust worldwide if America is found as a nation that can
no longer meet its financial obligations!
The Beginning
If you're looking for the origin of the federal debt limit, we would
have to go back to April, 24, 1917, First Liberty Loan Act of 1917,
where congress established a five billion dollar aggregate limit on
new issues of bonds under this act. The reason given was, "in
view of the uncertain national security and defense requirements
upon our entry into World War I". So are you saying? Yes, I am
saying: War! Prior to this, each bond was approved separately
such as the borrowing to structure the Panama Canal. In 1939,
such as the borrowing to structure the Panama Canal. In 1939,
around the time of World War II, congress eliminated the
limits on
different types of bonds, creating the first aggregate national
debt
limit. The pattern of debt limit legislation began
back in 1954
during the Eisenhower administration, at a time when he
thought
building the national highway system was important and
pushed for
a raise in the debt limit, but received push back from then
Senate
Finance Committee chairman, Harry F. Byrd. Chairman
Byrd's
push back was due substantially to the debt built up during
World
War II and the Great Depression, and not wanting it to
be
permanent in the United States government. Byrd fought
for more
cuts in exchange for a debt limit increase, but the debt
limit was
eventually raised, though it was not raised as high as
President
Eisenhower wanted.
The Budget
Raising the debt limit is supposed to be a way for congress
to
handle their financial obligations until a budget plan
is created that
they can adhere to, but what if that never happens?
Can congress
continue raising the debt ceiling and not coming up with a
budget?
There needs to be a cut in spending at some point and some
adjustments made to move us in the right direction. Heritage.org
showed the following graph in reference to the question; "What if
a Typical Family Spent and Borrowed Like the Federal
Government?" This graph is staggering:
Impact
Though the impact of continued government spending, without an
agreed upon plan to cut spending and budget in site, is not felt
immediately and the impact is perceived to be indirect, for current
and future generations there will be consequences. As explained
by a Forbes article by Mike Patton on April 24, 2015;
In 2004, the federal debt was $7.3 trillion. This rose to $10 trillion when the housing bubble burst four years later. Today it exceeds $18 trillion and is projected to approach $21 trillion by 2019. When you break this down to an amount per taxpayer, the numbers are substantial. The chart below contains this data which shows how it has more than doubled over the past 11 years, rising from $72,051 per taxpayer in 2004 to $154,161 today. As the debt continues higher, the liability of every taxpayer is also rising. The change in the amount of the federal debt per taxpayer from 2004 to 2015 represents an average annual increase of 7.16%. This is much more than the average annual wage increase during the same period.
Where Do We Go From Here?
One definition of a ceiling is: "the inside surface at the top of a
room: an upper limit." Another definition is: "the top limit
imposed by law on the amount of money that can be charged or
spent or the quantity of goods that can be produced or sold". What
do these two definitions have in common? Limits! A ceiling has
to stop somewhere right?
imposed by law on the amount of money that can be charged or
spent or the quantity of goods that can be produced or sold". What
do these two definitions have in common? Limits! A ceiling has
to stop somewhere right?
this idea of spending more that we make has filtered into the midsets of people of this country. i must take these findings on Bronals point of view from a biblical perspective" when the righteous are in authority the people rejoice[proverbs 29:2] what the church has done in the past, is to teach this idea that going after advanced degrees, or making alot of money is evil. that we are supposed to just take a job, as long as you don't miss any church services. the idea is that God will just supply your need, so do strive for anything else. the only callings that the church has placed emphasis on, the call to preach, teach, pastor or evangelize. So a person who has a desire to become an attorney, or a physician, or smething of renown, like a mayor, governeor, or president, is frowned upon. the debt is the churches responsbility, not the nations. We are supposed to be the dominating force in society. If we do not fill those positions or authoity in the land, satan surely will! we mus go back and teach purpose, a lifes call, what did God put you on this earth to do? Once we are in control of these positions,we can do something about this debt. we are to be the "lender" not the "borrower"[duet 28:12]. this means you cannot rule in this earth without some type of financial empowerment. The debt ceiling will stop when satan has this country in such debt that we will have to mortgage off everything, even our own children. His man purpose is to return, the whole earth[ not just the usa] back to the place in genesis chapter 1, where the earth was without form and void, CHAOS. What if the church were to pull our resources together and start our own banks? we could take the interest from loans being made through our banks and built churches debt free, and pay off everybodies mortgage in the body of christ "AT ONE TIME"! The only ones that will fix this national crisis is the church [2chronicles 7:14] God is wating on the church to grow up, and stop fighting over the color of the carpet, who has to most church membership, whose building is the nicest, whos has the best choir, who has the richest church,etc this will fix this problem once and for all!
ReplyDeleteNo doubt bro! Thank you so much for reading and your comment my man!
Deletei made a mistake in one sentence: I meant to say on the 5th line that God will supply your need, so don't strive for anything else!
ReplyDelete