Not so simple sadly. 1944 and 1971 were more to blame than 1913 as we do need a central bank. Fiat currencies are the only effective way to create wealth and let's not forget this is the third central bank, I wonder where the fourth will come from. We were recoverable, if you work on a reasonable repayment schedule, until the current clown. Now no hope. Let's put this in perspective:
U.S. Tax Revenue: $2,170,000,000,000
Federal Budget: $3,820,000,000,000
New Debt: $1,650,000,000,000
National Debt: $14,271,000,000,000
Recent Budget cuts: 38,500,000,000
Let’s now remove 8 zeros and pretend it’s a household budge:
Annual family income: $21,700
Money the family spent: $38,200
New debt on the credit card: $16,500
Outstanding balance on the credit card: $142,710
Total budget cuts so far: $385
Got it?…. OK now…
Lesson # 2
Here’s another way of looking at the Debt Ceiling:
Let’s say you come home from work and find there has been a sewer backup in your neighborhood… and your home has sewage all the way up to your ceilings. What do you think you should do?
Raise the ceiling or remove the *censored*?
Just to show how committed is now everybody gets a raise. You can't negotiate with a mad man and they should stop trying. Just no increase in the debt ceiling and let the chips fall where they may.