Remember back in your younger schooling days, when you took a class that taught you basic life lessons?
One of the simplest concepts was how to balance a checkbook and manage your finances.
Somehow, between now and then, most Congressmen seem to have forgotten that lesson. But Kentucky Sen. Rand Paul is here to remind them.
Paul was on with CNN‘s Erin Burnett (scroll down to watch the interview) in the midst of the weeks-long federal government shutdown, and she posed a question about the debt ceiling: Allegedly important people, such as the CEO of Goldman Sachs, told President Obama that not making a payment on the federal government’s debt – defaulting on the loan, essentially – would wreak havoc on the country.
Paul disputed that by using simple math and just taking default off the table all together. How?
“We bring in $250 billion in tax revenue every month. The debt payment is about 30 billion. We just promise we will always pay it.”
(Note: You can watch the full video interview below).
Well, that seems logical enough. But that concept has gotten lost in a public war of rhetoric, launched from the Democrats, who insist that the debt ceiling needs to be raised. There’s no way around it, they claim. We HAVE to agree to spend more money.
And that’s just not true, Paul says. All we really need to do is remember how to balance a checkbook.
Paul wants Congress to promise that repaying the country’s loans come first. Pledge that, make it law. And what that will do is force Congress to actually budgetize. That amount of that loan payment will be off the table. So the government will have to use the rest of it to pay for whatever it wants to pay for.
They don’t need more money. They just need to spend it in a smarter way.
This was even proposed in a bill that the (Republican-controlled) House of Representatives passed…that the (Democrat-controlled) Senate has yet to vote on. That proposal, the ‘Full Faith and Credit Act,’ would make loan payments the priority (along with social security, Medicare, and military pay) and force Congress to re-learn how to balance the nation’s checkbook.
It’s not that hard. We teach it to middle schoolers. If they can grasp the concept, you’d hope our elected officials can too.
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rights and all man's equality.
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