Morris Pearl Wikipedia, Net Worth, Biography, Age, Wife, Facebook
Morris Pearl Wikipedia, Net Worth, Biography, Age, Wife, Facebook – Today the US officially hit the debt ceiling of $31.4 trillion. To avoid a catastrophic economic bankruptcy, the Treasury Department will move to implement “special measures” in the coming months.
Morris Pearl Wikipedia, Net Worth, Biography, Age, Wife, Facebook
The following comment was made in response to Morris Pearl, President of the Patriotic Millionaires Association and former CEO of BlackRock, Inc.
Today’s debt ceiling hike puts us one step closer to financial collapse. A default would trigger a full-blown financial crisis around the world and cause enormous economic damage to millions of Americans.
It doesn’t have to happen. The debt ceiling could easily be raised, as Congress has done 78 times. Better yet, they should remove it altogether. The only benefit of the debt ceiling is that it gives radical politicians an opportunity to take the global economy hostage.
This is exactly what will happen now. The debt ceiling will be used by Republicans in Congress as leverage to force significant spending cuts on benefits programs like Medicare and Social Security.
We have a system in place to manage our spending. Congress passes legislation to control spending. Republicans are trying to create a spending crisis because they know they won’t be able to get people to vote to cut government programs that really help people.
It would be like your spouse gives you a budget to go shopping, and then when he has to pay the credit card bill, he threatens to withhold the payment unless you agree to reduce your monthly drug costs.
Republicans will scream and rave about “financial irresponsibility,” but make no mistake—the argument they’re making is absurd. New spending cuts won’t prevent default because debt ceilings and federal spending are two very different things. The only action that can be considered “financially irresponsible” is to put the entire US economy at risk in an attempt to remove what is left of the already weak social safety net. our.
Democrats, led by President Biden, claim they have learned from previous equally absurd battles with Republicans over the debt ceiling and will not back down from proposed cuts. spending. This is how it should continue.
There is nothing to “negotiate”. Democrats must take whatever action is necessary to prevent Republicans from destroying the world economy or cutting Social Security and Medicare.
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Categories: Biography
Source: vcmp.edu.vn