Obama must believe he’s some sort of wizard, because according to him raising the debt ceiling does not increase our debt.
In a speech at the Business Roundtable headquarters in Washington, D.C., Obama dismissed concerns about raising the debt ceiling by noting that it’d been done so many times in the past:
“Now, this debt ceiling — I just want to remind people in case you haven’t been keeping up — raising the debt ceiling, which has been done over a hundred times, does not increase our debt; it does not somehow promote profligacy. All it does is it says you got to pay the bills that you’ve already racked up, Congress. It’s a basic function of making sure that the full faith and credit of the United States is preserved.”
He added that the “average person” (as opposed to fellow wizards) mistakenly believes that raising the debt ceiling means the government is giving itself more room to accrue more debt.
Hmmm. Well perhaps the reason us average people believe that, Obama the Blue, is because that’s exactly what it means. Furthermore, the fact that the government has been forced to raise the debt ceiling “over a hundred times” before is proof in and of itself that an increased limit leads to an increased debt!
You certainly don’t need to be a wizard to know that.