Morris Pearl Wikipedia, Net Worth, Biography, Age, Wife, Facebook
Morris Pearl Wikipedia, Net Worth, Biography, Age, Wife, Facebook: The United States officially hit the $31.4 trillion debt ceiling today. To avoid an economically catastrophic bankruptcy, the Ministry of Finance will now take “extraordinary measures” in the coming months.
Morris Pearl Wikipedia, Net Worth, Biography, Age, Wife, Facebook
The following comment was made in response by Morris Pearl, Chairman of Patriotic Millionaires and former CEO of BlackRock, Inc.
Today’s increase in the debt ceiling brings us one step closer to financial collapse. A default would trigger a full-scale financial crisis around the world and cause massive economic damage to millions of Americans.
It doesn’t need to happen. The debt ceiling can easily be raised, as Congress has already done 78 times. Better yet, they should remove it entirely. The only benefit of the debt ceiling is that it provides an opportunity for radical politicians to hold the global economy hostage.
This is exactly what will happen now. Republicans in Congress will use the debt ceiling as leverage to force significant spending cuts on entitlement programs like Medicare and Social Security.
We have a system to manage our expenses. Congress passes laws 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 giving you a budget to fit your purchases and then threatening to withhold payment when you had to pay a credit card bill unless you agreed to lower your monthly drug costs.
Republicans will scream and rave about “fiscal irresponsibility,” but make no mistake: the argument they are making is absurd. New spending cuts won’t prevent a default because the debt ceiling and federal spending are two very different things. The only action that could be considered “fiscally irresponsible” is to put the entire American economy at risk in an effort to eliminate what little is left of our already weakened social safety net.
Democrats, led by President Biden, say they have learned their lesson from previous equally ludicrous battles with Republicans over the debt ceiling and will not back down from proposed spending cuts. So it should continue.
There is nothing to “negotiate”. Democrats must take steps to prevent Republicans from destroying the world economy or cutting Social Security and Medicare.
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Categories: Biography
Source: HIS Education