NEWS & VIEWS OF PHILLIPS SINCE 1976
Monday August 15th 2022

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As of the month of May 2011, the total Public Debt Outstanding of the United States of America bumped the $14.3 trillion debt ceiling set by Congress. This is not good. Come August, Lord knows what will happen should Congress fail to lift the ceiling.

So, what”'s going on?

Our country”'s gross debt has increased over $500 billion each year since 2003. Why? Because G.W. Bush gave a tax cut gift to the super rich which erased roughly $2 trillion in revenue. Then, of course, there were a couple of Wars which have cost us $1.1 trillion. To which we must add a financial melt-down which necessitated a bail-out and stimulus even as revenue streams went dry.

Note 1.): A former chief U.N. nuclear inspector is now pressing the World Court to pass judgment as to the degree of criminality in the “grotesque distortions” (i.e. weapons of mass destruction, etc.) which facilitated a war with Iraq and the consequent death of hundreds of thousands of innocent people.

Note 2.): To learn more about the “melt-down” culprits, go get the DVD “Inside Job” to find greed, immorality and power fueled by cocaine and prostitution.

So, what?

So, presently, the Federal government can”'t pay its bills without deficit spending. However, if Congress fails to raise the debt ceiling, deficit spending will become illegal. Which is to say: the Obama administration would then have to pick and choose which bills to pay.

What choices? Social Security, Medicare, the military, and the servicing of the national debt (i.e. interest on government bonds held by rich people, etc.)- -these are the choices.

Congressional Republicans have threatened to block any raising of the debt ceiling without massive spending cuts up front. Which choices? Sadly, President Obama has advised his Democrats: “Don”'t draw any lines in the sand”. OMG!

Mr. President, dear man, listen, please. The Republicans know full well that cuts to Social Security and Medicare would induce massive demonstrations lead by Organized Labor in conjunction with an invigorated Peace Movement calling for big cuts in military spending. Clearly, the Republicans are bluffing.

Mr. President, we who elected you continue to exist. And, all things considered, you continue to have our respect”¦and most likely our vote, but partly in fear of consequences much worse. Yet there are times when you appear to have lost sight of us.

Would you have us conclude that Karl Marx was right all along?

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