In the 1980s, both houses of the Democrat-controlled Congress got tired of getting beat up in the media and in the polls. They were losing ground to Ronald Reagan and his band of merry men. So the Democrats did something that haunts us till this day: they changed some government programs so that spending on the programs would automatically increase. Presto! No more need to bicker amongst themselves. No more lousy poll numbers. No more getting beaten in elections because they didn’t increase spending.
Congress group of idiots did much the same thing yesterday. You see, they are tired of having to raise the debt ceiling over and over again. They are tired of getting roasted in the media. They are tired of getting ‘ambushed’ at town hall meetings by concerned citizens who are sick and tired of their DC schtick and want them to have some balls and actually do something about the economic problems we face.
So they removed the debt limit. The federal government now has no constraint on the amount of money it can borrow. This is the final nail in the coffin. Along with the effects of continued QE, ZIRP, and ObamaCare, the economy is going to be toast in a few years.
The conservative Heritage Foundation has criticized the practice as a “smokescreen.”“Suspending the debt is less transparent to the American people. It allows Members of Congress to avoid debate on the specific dollar amount increase in the debt limit, making their vote politically much easier to cast,” the organization wrote in October. “A calendar date is not nearly as scary to constituents as a figure in the trillions of dollars.”
That’s exactly why they did it.
Hyperinflation, here we come!!!