Schiff: Obama's wrong when he says we have to raise the debt ceiling because we have to pay our bills

President Obama has often repeated that not raising the debt ceiling is an acknowledgement that the United States (Government) can't pay its bills.

What's the contrary position?

"When President Obama says that have to raise the debt ceiling, because America always pays its bills, he's wrong. The reason we have so much debt, is because we never pay our bills. And the reason that we have to raise the debt ceiling is because we can't pay the bills. So we want to borrow more money instead. If we leave the debt ceiling alone, then we finally actually have to deal with the bills. And the problem is, we borrowed so much money, it's impossible to pay it back. And that's what president Obama doesn't want our creditors figuring out." Peter Schiff on The Street (Video)

Ron Paul Campaign Criticizes GOP Opponents on National Debt and Spending | CNSnews.com

Paul’s campaign notes that Gingrich, as a member of the House, voted to raise the debt ceiling in 1981, 1983, 1984, 1985, 1987, twice in 1989 and twice in 1990.

Santorum, as a member of the Senate, voted to raise the debt ceiling in 1997, 2002, 2003, 2004 and 2006.

Ron Paul Campaign Criticizes GOP Opponents on National Debt and Spending | CNSnews.com

Warren Buffet does not speak for the rich

Warren Buffet does not speak for the rich. Warren Buffet speaks for himself.

If Warren Buffet wants to make a deposit to reduce the public debt he can give a donation here.

Top 8 Contrarian Views on the Debt Ceiling Debate

1. Ron Paul’s Surprisingly Lucid Solution to the Debt Ceiling Impasse
2. Video: 3 Reasons Why The Debt-Ceiling Debate is Full of Malarkey
3. Debt-ceiling chicken
4. Obama's Balanced Approach
5. The Pesky Neighbor and the Debt-ceiling
6. Where are the spending cuts?
7. There is Life after Default
8. Lower the Debt Ceiling

Honorable mentions

9. Repudiating the National Debt
10. From the Tea Party with love
11. Debt ceiling drama
12. Why Ron Paul won't vote on Cut, Cap, and Balance
13. Video: Cato Institute on Underwhelming Cuts and "Cut, Cap and Balance"
14. Rep. Schweikert discusses political folklore on the House Floor
15. What "Big Deals" did to America
16. $2.4 Trillion Would Be Largest Debt-Limit Increase in U.S. History
17. FLASHBACK: Raising the debt "ceiling"?
18. 6. Don't be fooled by political posturing
19. Debt deal is a blank check
20. Baloney

Schiff: Creditor's willingness "type of ceiling that can't be raised by an Act of Congress"

Since Congress can vote to raise the limit, its existence has been more of a political nuisance than an actual barrier. The operative factor is not how much we allow ourselves to borrow, but how much our creditors are willing to lend. That type of ceiling can't be raised by an Act of Congress. Once our creditors come to the conclusion that they have lent beyond our capacity to repay, they will be very reluctant to lend more.

Peter Schiff, Debt Deal is a Blank Check

Sowell on the heart of the debt-ceiling issue

Regardless of what it is supposed to do, what the national debt-ceiling actually does is enable any administration to get all the political benefits of runaway spending for the benefit of their favorite constituencies — and then invite the opposition party to share the blame, by either raising the national debt ceiling, or by voting for unpopular cutbacks in spending or increases in taxes.

Thomas Sowell, Debt-ceiling Chicken

Schiff: Republicans can force cuts by not raising debt ceiling

House Republicans already have the power to avoid tax hikes and force significant spending cuts. All they have to do is refuse to raise the debt ceiling under any circumstances. That’s it.  At that point the only discussion would be where to find spending to cut.

Don't Be Fooled By Political Posturing, Peter Schiff

Debt Debate = Political Theater, says Gary North

The debate over the debt ceiling is political theater. There is no commitment to cut spending, because cutting spending creates negative voter responses by specific groups who vote as a bloc. Politicians will not risk this. They prefer to vote for another increase in the debt ceiling, because the pain is diversified over millions of unorganized voters. These voters do not perceive the increased deficit as an immediate problem causing intense pain. They prefer to have Congress kick the can. That is what Congress will do.

Baloney, Gary North

Schiff: There are no subsidies for corporate jet owners

He explains:

There are no subsidies for corporate jet owners. The fact that corporations are forced to depreciate jets over a period of five years, rather than being able to fully deduct the expenditure immediately, is not a subsidy but a penalty. Just because commercial airlines are penalized more does not mean other corporations are getting a subsidy

Peter Schiff, Don't Be Fooled by Political Posturing

Video: 3 Reasons Why The Debt-Ceiling Debate is Full of Malarkey

FLASHBACK: Raising the debt "ceiling"?

From 2009. Notice Peter Schiff is prescribing the exact opposite of Timothy Geithner both then and now.



Bonus: 3 Reasons Why Debt Ceiling Debate is Full of Malarkey