Little-Acorn
07-22-2011, 04:46 PM
I keep hearing about terrible things that will happen on August 2, 2011. We will run out of money. We can't pay our bills. Omigawd, we will default on the National Debt.</SPAN>
Please correct me if I'm wrong, but didn't we run out of money two months ago?</SPAN>
That was when the Republicans first dug in their heels and refused to vote for raising the Debt Ceiling. The government quickly announced that, since they can no longer borrow money to pay our expenses, they would have to stop making payments into various Federal retirement funds, etc., to make all the other ends meet.</SPAN>
The world didn't end. We didn't default on the National Debt. We didn't even shut down the National Parks or anything. Although the people who intended to retire on those Federal Retirement Funds, might be in for a rude surprise soon.</SPAN>
One astonishing thing did happen, though it might be under the radar for a lot of people:</SPAN>
The National Debt has stopped going up, for more than two months now. It's the first time that's happened in living memory. It's almost like seeing the sun stop in the sky. Though it never appeared to move very fast, seeing it stop is earth-shaking.</SPAN>
http://www.little-acorn.com/pics/NatlDebtDaily03Jan2011-06Jul2011.jpg</SPAN>
My question is, what is going to happen differently on August 2nd, that isn't happening right now (and for the past two months)?</SPAN>
Sooner or later, things will get pretty bad, of course. We have committed to making huge payments to Social Security, Medicare, Defense, Interest on the National Debt, and a host of other things. The amounts we take in as taxes, aren't nearly enough to cover what we've promised to pay out. There's a lot of pain coming our way if things keep going like this.</SPAN>
But's what's so magical about the August 2nd date? What's going to happen then, that isn't already happening now?</SPAN>
Please correct me if I'm wrong, but didn't we run out of money two months ago?</SPAN>
That was when the Republicans first dug in their heels and refused to vote for raising the Debt Ceiling. The government quickly announced that, since they can no longer borrow money to pay our expenses, they would have to stop making payments into various Federal retirement funds, etc., to make all the other ends meet.</SPAN>
The world didn't end. We didn't default on the National Debt. We didn't even shut down the National Parks or anything. Although the people who intended to retire on those Federal Retirement Funds, might be in for a rude surprise soon.</SPAN>
One astonishing thing did happen, though it might be under the radar for a lot of people:</SPAN>
The National Debt has stopped going up, for more than two months now. It's the first time that's happened in living memory. It's almost like seeing the sun stop in the sky. Though it never appeared to move very fast, seeing it stop is earth-shaking.</SPAN>
http://www.little-acorn.com/pics/NatlDebtDaily03Jan2011-06Jul2011.jpg</SPAN>
My question is, what is going to happen differently on August 2nd, that isn't happening right now (and for the past two months)?</SPAN>
Sooner or later, things will get pretty bad, of course. We have committed to making huge payments to Social Security, Medicare, Defense, Interest on the National Debt, and a host of other things. The amounts we take in as taxes, aren't nearly enough to cover what we've promised to pay out. There's a lot of pain coming our way if things keep going like this.</SPAN>
But's what's so magical about the August 2nd date? What's going to happen then, that isn't already happening now?</SPAN>