On Tuesday, thousands of Philadelphia residents will become casualties of the nation’s political party’s ongoing dispute over the debt ceiling. Actually, every resident of Philadelphia is going to become causalities, but the immediate impact will be felt by those who have a disability and rely on checks from Social Security to pay their every day living expenses.
These checks which are supposed to be received on the 3rdof every month may not get into the hands of those who need it if Washington politicians continue to grandstand and put their own agendas in front of America’s.
So, what is the debt ceiling and why should people in Philly care other than the obvious? Simply put, the debt ceiling is the amount of money the government can borrow. The current amount is $14.3 trillion and if they don’t have it, they can’t pay their bills.
The Democrats want to raise the debt ceiling, to provide more money. The Republicans want to cut spending in the same amount, but the problem is no one wants to cut their little pet projects.
So, if these people can’t agree by Tuesday the government will have to decide what bills they’ll be paying and what they’ll put off. It’ll sort of be like robbing Peter to pay Paul. Government employees, except for member of the elected parties of course, may not get paid. People who collect social security may not get paid. It will also put an unnecessary burden on the economy and whatever marginal gains we have made will be eliminated; that eventually we will reel back into the recession.
Since 2009 there has been a $9 trillion increase in the nation’s debt. According to the Associated Press some of the causes have been the war ($1.3 trillion), the stimulus package ($800 million), 2001 and 2003 tax cuts ($1.6 trillion), and the financial industry bailout ($200 billion). Even with all this spending people are still getting laid off and unemployment remains at 9.2% for the month of July.
It’s fine to want to cut spending because why should Washington keep living high on the hog when 10% of Philadelphians are out of work? However, they shouldn’t hold people hostage while they try to demonstrate their party’s superiority. Let’s face it, the Republicans weren’t pushing for the spending cuts to equal the debt ceiling when either of the Bush’s or Reagan were in office.