Monday, October 21, 2013

Peter Schiff on republicans and debt ceiling

I don’t think Republicans have the fortitude to bring about the painful process of correcting the mistakes we’ve made. If we don’t raise the debt ceiling, we have to deal with the fact that we’re broke. We will have to make serious cuts. If we don’t raise the debt ceiling, we’d have to meaningfully reduce the size of government. Republicans aren’t willing to vote for it. They always campaign in favor of a balanced budget amendment, and that means the budget has to balance.

By not raising the debt ceiling, it means we’re forced to balance the budget. Republicans don’t want to cause it because it means disappointing somebody. Telling somebody they’re not going to get government benefits is not default. People that pay the Social Security tax think they’re being promised something, but it’s not a choice. They’re not getting their own money back. What the government does is it takes from the younger generation. None of it gets invested, and it’s already spent.

source: Dailycaller