Obama: Raising The Debt Ceiling Will Not “Promote Profligacy”

Obama used to think that raising the debt ceiling was irresponsible and unpatriotic. That’s what he said when he was a Senator and when he was campaigning for President the first time around.

Now, his position is the opposite. It’s irresponsible and unpatriotic for the GOP not to agree to raise the debt ceiling. Not agreeing to raise the debt ceiling must mean that you’re in favor of defaulting on our debts.

Try using that argument with your own bank regarding your credit card. Just call them up and tell them that you know that you’ve gone past your credit limit, but that they really have no choice but to raise it so that you can continue to borrow and spend. Tell them it’s not open to debate. Besides, you’ve promised lots of people and businesses money, and you have an obligation to make due on your debts. They wouldn’t want you to default, would they? That would be immoral of them to force you to default on your debts to others.

And you could add that raising your credit limit wasn’t going to cause you to spend more. And besides, it’s been done so many times in the past; what’s one more time? It’s not going to “promote profligacy,” as Obama put it recently at a Business Roundtable speech with regards to the national debt limit:

“Now, this debt ceiling — I just want to remind people in case you haven’t been keeping up — raising the debt ceiling, which has been done over a hundred times, does not increase our debt; it does not somehow promote profligacy. All it does is it says you got to pay the bills that you’ve already racked up, Congress.  It’s a basic function of making sure that the full faith and credit of the United States is preserved. It’s always a tough vote because the average person thinks raising the debt ceiling must mean that we’re running up our debt, so people don’t like to vote on it, and, typically, there’s some gamesmanship in terms of making the President’s party shoulder the burden of raising the — taking the vote.”

Who’s he trying to fool? Raising the debt limit won’t “promote profligacy?” (Profligacy…that’s a big word for you, Obama.) Profligate government spending would’ve never been possible without always resorting to raising the debt ceiling. That and depending on endless “money from nothing” from the Federal Reserve.

Raising the debt limit in and of itself doesn’t increase spending. That’s technically true. But it’s what allows the government to spend how ever much it wants to fund bigger and bigger departments and programs. It’s what allows the government to buy large voting blocs. It does indeed promote profligacy.