Ronald Reagan on the Debt Ceiling

Posted: July 20, 2011 in debt, politics
Tags: , , , , , ,

The Dumbocrats are beside themselves with joy because they found some old tape that they think shows that President Ronald Reagan (hasn’t he been cannonized as a saint yet?) supporting their ridiculous notions about the debt ceiling.

Here’s the Reagan quote most often cited:

Congress consistently brings the Government to the edge of default before facing its responsibility. This brinkmanship threatens the holders of government bonds and those who rely on Social Security and veterans benefits. Interest rates would skyrocket, instability would occur in financial markets, and the Federal deficit would soar. The United States has a special responsibility to itself and the world to meet its obligations. It means we have a well-earned reputation for reliability and credibility – two things that set us apart from much of the world.

But how about some real-life context to bring the quote into today?

First of all, let’s be fair. What Reagan was saying about the dangers to the U.S. and global economy were theoretical, not actual. Economic wizard and noted conservative thought leader Representative Michelle Bachmann doesn’t think it would be that big of a deal if we didn’t raise the debt ceiling, so there’s only one way to find out whether Reagan or Bachmann is right: Don’t raise the debt ceiling.

We’ll know soon enough, and I doubt it would be that bad–certainly not bad enough to sell out my ideological beliefs about taxes. Some things are more important than economic theory.

We can’t let the Democrats win on their ludicrous insistence that tax increases be part of any deficit-reduction proposal. Who in their right mind thinks that a debt problem can be solved by both increasing revenue and decreasing expenditures?

Expenditures are the only things that matter. It’s all about how much you spend, not how much you tax the rich.


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