U.S. Debt Ceiling Debate Fraud

Debt Ceiling AP

The federal government has now reached its $14.3 trillion debt limit, even though Treasury Secretary Timothy Geithner is buying the government a couple of more weeks through some clever financial finagling.  That means that the federal government cannot legally add any more debt to that $14.3 trillion. That’s the maximum.  That’s what they said would be the maximum the last time they raised the debt ceiling.  By setting the limit at $14.3 trillion, they were implicitly telling the American people, “The federal debt has grown so large that it now threatens our government and our nation.  Even though we are raising the limit this time, that’s it.  No more.”

The substance of the entire shell game is to provide the pretext to gut Social Security, Medicare, and Medicaid — our social insurance programs and turn them into welfare programs.

As of today, each citizen’s share of the debt is $46,189, with each taxpayer’s share coming to $129,124. Americans should bear in mind that the only way the federal government gets the money to pay off its debt is through taxation, either directly through the IRS or indirectly through the Federal Reserve’s inflationary debasement of the currency.

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