Wednesday, February 12, 2014

Duplicitous . . .

Duplicitous -- adjective -- "marked or characterized by duplicity."
Duplicity -- noun -- "deceitfulness in speech or conduct, 
as by speaking or acting in two different ways . . . 
double dealing . . ."
"This legislation prevents our nation from defaulting, which has never happened in our history. . . . Default is entirely unacceptable for the United States of America and it would be painful for most every family and household I represent. . . .we need to pursue overdue reform to the long-term, structural drivers of our debt . . . I believe my constituents sent me to Washington to govern responsibly and not engage in petty politicking, so I look forward to resolving our serious fiscal problems in a thoughtful and productive way that allows us to stop borrowing from our children to spend on ourselves."
Rep. Hanna, why don't you and the other members of Congress recognize the existence of the debt ceiling when proposing new spending -- like YOUR spending proposal for universal Pre-k -- and stay under it?  The only reason why you are now forced to raise the ceiling to prevent "default" is because you and other members of congress are undisciplined, spending money that you already know we don't have.

Portraying yourself as concerned about borrowing while proposing a massive new spending program illustrates the definition of duplicitous, no? 

You may technically prevent a default, for now, by raising the debt ceiling, but you cannot not stop its effects from eventually happening. When the world starts thinking that we might not be able to repay our debts, the game is over.

We are just about there now.  Some countries have already stopped trading using the dollar, in spite of its status as the world's reserve currency, over fears that its value will no longer be there. When American companies issue bonds in other currencies (like Verizon's recent issue in Euros) the handwriting is on the wall.

The dollar will be devalued, like with other countries and their currencies, overnight. The value of a portion of people's lifetime savings will be wiped out.  And when people can't get their money out of the bank, there will be civil unrest.  And Congress' spending beyond our means will be to blame.

The debt ceiling is there to prevent over-spending.  Raising it only allows over-spending to happen.


Anonymous said...

Rep. Hanna is the second coming of Sherwood Boehlert.Whatever the Speaker of the House is for so is Hanna.Hanna has NO credibility , he stands for nothing . Just another millionaire having a ego trip in Washington at our expense.

Anonymous said...

Hanna joins the ranks of those elected officials who believe the people they serve are stupid. His logic is over spend, run up deficits,create the need to borrow in the first instance and the whine about how we can't default. How about do not spend on borrowed money? The red herring of default is just that. Hanna is a walking advertisement for term limits.