Re: Hey Travis! The Republitards want to cut your SS check off!

The only obligation congress has is to pay back with interest what
they borrowed from the SS fund.

On Thu, Jul 14, 2011 at 8:15 AM, ray <jr3901@aol.com> wrote:
> Congress has a contractual  obligation to pay debt owed. If debt
> ceiling is not increased, choices will have to be made as to what
> will, and will not, be paid. All debt could still be paid if expense
> were cut from federal operating budget. There is enough "FAT" in
> annual federal operation expense that costs can be trimmed, and debt
> paid, rather easily. Very few in congress have the nerve to tell a
> voter or contributor that their program will be abolished or severely
> reduced. This is where the problem lies.
>
> On Jul 12, 11:33 pm, studio <tl...@hotmail.com> wrote:
>> Well, SS doesn't need to finance your time on the Internet anyway.
>> ---
>> Consequences of defaulting on the federal debt
>>
>> Congress has the duty to honor the debts of the United States by
>> raising the federal debt ceiling under the "full faith and credit
>> clause," Article IV, Section 1, of the U.S. Constitution, and Section
>> 4 of the 14th Amendment to the U.S. Constitution. Not raising the
>> federal debt ceiling will cause a default on the U.S. debt in
>> violation of the U.S. Constitution.
>>
>> Has the U.S. ever defaulted on its debt? Well, in a technical sense
>> yes, briefly and unintentionally when Congress waited to the last
>> minute to act to raise the federal debt ceiling in 1979. Our present
>> situation differs where Tea-Publicans are threatening not to raise the
>> federal debt ceiling intentionally to put the nation's debt into
>> default. That will shake the confidence of the international markets
>> in the ability of the U.S. government to govern itself and to honor
>> its debts.
>>
>> All lending agreements, whether between central banks of countries, or
>> your mortgage or credit card agreement, have a "default" provision
>> that automatically escalates the rate of interest to a default rate in
>> the event of default. For many, this will affect your credit
>> worthiness and make credit unavailable. The banks will "adjust" the
>> interest on all credit agreements. Default will cost Americans
>> hundreds of billions of dollars in additional interest and tax dollars
>> to finance the interest on the federal debt over time.
>>
>> So when you hear the darlings of the Tea Party like Sen. Jim DeMint (R-
>> SC) and Rep. Michele Bachmann (R-MN) say they are going to vote
>> against raising the federal debt ceiling because they "don't believe"
>> anything bad is going to occur, just keep in mind that they are
>> ignorant of history, ignorant of economic principles, ignorant of how
>> the international monetary system works, and ignorant of how
>> international markets work in the real world.
>>
>> Why would any sane person listen to what an ignorant fool has to say
>> when all the experts in the field who do this for a living say it will
>> result in a debt crisis and another recession?
>>
>> http://www.blogforarizona.com/blog/2011/07/consequences-of-defaulting...
>> ---
>> Not even mentioning all the checks government writes out to people
>> like Travis, military personnel, pensioners, etc. etc. etcetera.
>
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