Like the political cowards who preceded him, Jack Lew has decided to take the easy road and demand that Congress raise the debt limit. Lew is not alone though. Every one of our elected leaders and public officials takes the expedient path when it comes to raising the debt ceiling. You don’t have to be a mathematician to understand where this is eventually heading.
It won’t be long before even America’s official debt/GDP ratio will be 200%. Even mainstream economists will admit that a country with debt twice the size of its GDP is bankrupt. The reality is that America is already insolvent, but our government manufactures phony numbers that completely ignore generally accepted accounting principles. If you don’t believe me, then just research the nation’s former top accountant David Walker.
Unfortunately, most of our appointed officials lack Walker’s integrity. They went to the Lance Armstrong/Brian Williams/Rachel Dolezal school of honesty where if you simply say it, then it must be true. Lew uses Orwellian speak like “honor our obligations” or “pay our bills”, but he knows this language couldn’t be further from the truth. The fact is that America never pays its bills, so that’s why it must continue to go deeper into debt. When this process is extrapolated to its logical conclusion, the United States will discover that it’s no different than Greece, Venezuela or any of the other failed democracies who have overpromised and under-delivered.