Wednesday, October 16, 2013

“None of You [Reporters] Were Math Majors, Were You?”

"Default hysteria continues in Washington, in defiance of the most basic facts of arithmetic. Some Republicans have even been taken in, but one who is having none of it is Congressman David Schweikert of Arizona, the former treasurer of Maricopa County:"

Another reporter asked Schweikert (Arizona Rep) to respond to some doom-saying quotes from Chinese bankers. “I lay this at the steps of the administration and Jack Lew,” said the congressman. “The unconscionable, unacceptable use of language, the word ‘default,’ when the borrowing we need for 2014 is we’re 16 percent short on revenue. To use the word ‘default,’ to scare the markets—are politics really that important to this administration that it ignores basic math?”

Schweikert ticked off ways that he, as a county treasurer, had sought balance. “The basic repo desk, running your ladders on your debt—it’s stunning that the politicians in the administration care more about keeping this as a wedge than the international markets. Even Geithner made it clear that he had the ability to prioritize…. [T]here is no such thing as default unless there is an actual evil attempt from the administration. When you have 18 percent of GDP coming in in cash, less than 2 percent going out in debt coverage—I’m stunned you all fall for it in the press. None of you were math majors, were you?”

Instapundit commenter said...
Oh, they are going to pay the interest on the debt alright. But in turn, they're not going to pay out food stamp payments. Riots galore - and they'll all be blamed on Republicans. Chicago-style politics of course. Republicans bring a bat, Obama brings a gun....
zerohedge

Power Line , Slate via Instapundit

11 comments:

Eric the Fruit Bat said...

Conspiracy theories abound.

No, wait.

There's only one.

Shouting Thomas said...

Gotta stay away from this shit today. It's a shithole.

Internet is buzzing with assholes screaming that any disagreement with Obama (or with them) is racism.

Mostly white guys, too. The white guys really get into screeching about racism.

Michael Haz said...

Congressman David Schweikert nailed it. There won't be a default; it isn't possible for the US to default. To threaten a default is to lie to the American citizens, an all-too-frequent event. Why? because Americans are gullible; we believe anything politicians tell us, especially if the lie is repeated over and over by the media.

People seem to not remember the printing presses that print money. The Treasury has been printing nearly $850 million per month under Obama; there is no reason the US will not have enough money to cover debt service.

Put another way: If you're late on your credit card payment, does the bank collapse? Of course not. To think otherwise is to demonstrate a profound lack of understanding of how finance works.

Or perhaps it demonstrates just how gullible Americans are when lied to by politicians.

Joe Biden, America's Putin said...

Since Obamacare is a complete failure, the Obama administration and their joke hack loyalty media need another distraction/ end-of-world scenario.

Blame the tea party!

Aridog said...

The debt ceiling was breeched 31 December 2012. We've been lied to as usual.

Aridog said...

Er...that should be "breached". Although it has all gone sideways since the breach.

edutcher said...

Nicely put.

Showing up the media for the fools they are.

Dust Bunny Queen said...

I’m stunned you all fall for it in the press. None of you were math majors, were you?”

I've come to the cynical conclusion, long ago, that 90% of the population is just plain stupid and deserves all of the bad things that their stupidity will bring to their selves.

I've also concluded that I need to protect myself against the stupid and not worry about what happens to them.

They did it to themselves.....unfortunately the rest of us will have to suffer along with them. Hopefully, attrition will take care of this and the stupid will be less in the future.

Methadras said...

OF course an administration like this ignores the basic math. After all we were told for decades that 2+2 should equal 5 if we want it to because it makes us feel good and isn't as rigid as the truth which would be 4. Between the media apparachiks and the scumball politicos telling us that we are doomed if we go beyond this date is ridiculous. What, you think China is going to come knocking on DC's door demanding repayment? Let them try.

Besides, some on the right falling for this shit, the downside isn't nearly as well as the upside and so what is the upside in all of this? I'd say this is a demonstrable example of the things that government fucks us over with on a daily basis. That Obama is willing to cave an entire economy nationally and globally to prop up his healthcare initiative that he is clinging to so tightly. He'd rather see that remain law than do the right thing and let it go for the sake of the country. And if you believe otherwise, then you are a fool.

I'm Full of Soup said...

Can anyone tell me by how much [round numbers is fine and within at least $50 Billion or so- heh] the debt ceiling was raised today?

JAL said...

Commenter: But in turn, they're not going to pay out food stamp payments.

I have a client who was very very frightened last week that their disability check would not come in November and that their lights and water would be shut off and they wouldn't be able to pay their property taxes and they woud lose their little home.

I can not describe how angry -- how very angry -- this made me at the Democrats and the MSM through which my client gets their news. ("The USA will default!! We won't be able to pay our bills!! October 17 the world will end and it is all the Republicans' fault!!" ["Did we mention that we will not negotiate and we want to spend more money than anyone can imagine?? Did we? No. Ahhh, tooo bad."])

Despicable, despicable liars, preying on the vulnerable and low information voter.