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US Democrat Party Are Economic FRAUDS Upon The US People One of many Corrupt ways... Rob Schmitt @SchmittNYC Excellent explainer here @tomselliott https://twitter.com/tomselliott/status/1661369450162012162 Tom Elliott @tomselliott Here's the real reason Democrats are desperate to raise the debt ceiling: When, next week, the Treasury starts taking in less than it's scheduled to distribute, many progressives claim the U.S. will default. But as I've been explaining over the last couple weeks, this is false. Tom Elliott @tomselliott The CBO projects 2023 interest on the debt will run $640B. 2023 federal tax receipts are estimated to be $4.6 trillion (7x more than needed to avoid default). Federal law & the Constitution require creditors be paid in full, whereas discretionary spending is merely “allocated” Tom Elliott @tomselliott When revenues can’t meet expenditures, the president is the authority on which payments are made. If anyone’s “holding the economy hostage,” it’s Democrats, who are threatening default as leverage against Republicans to expand borrowing for unrelated wasteful spending. Tom Elliott @tomselliott Why? Well, without more debt, Democrats will need to start paring back discretionary spending (which incidentally is what a majority of Americans want them to do, per a CNN poll). Democrats are nonetheless refusing, and the reason's obvious: Tom Elliott @tomselliott The $1.2T Build Back Better bill makes it rain — all over Dems' "green energy" donor base. The $400B CHIPs Act likewise scratches the back of America's most profitable (and staunchly progressive) industry, showering tech companies with hundreds of billions in unnecessary handouts Tom Elliott @tomselliott The $2T American Rescue Plan similarly rewards teachers unions for their unwavering support of Democrats. What do these beneficiaries of Dems' largesse do w/ these trillions of $? In large part they return the cash to Democratic officeholders in the form of campaign donations. Tom Elliott @tomselliott The debt ceiling, then, means this gravy train is forced to return to the station. The cycle of crony capitalism & corruption is temporarily disrupted. Tom Elliott @tomselliott Without raising the debt ceiling, there will be no default. The only "crisis" will be for Democrats, who will need to get more creative in their attempts at laundering tax dollars back into their own pockets. Tom Elliott @tomselliott The crisis is not the debt ceiling. The crisis is the debt itself.
