Goldman Sachs reported that US monthly tax receipts are sufficient to cover interest on our debt, monthly Social Security checks, Medicare and essential defense costs. Jay Carney, WH press secretary, said, "We lose our borrowing authority and that would be a bad thing."
I beg to differ. Our debt is a bad thing and all this excessive borrowing without the means to pay it back is a bad thing. We need to put a freeze on new spending bills and begin to roll back spending on literally everything else.
Social Security can pay for itself by increasing FICA tax to 10% and eliminating the $106,800 collection ceiling. Unfortunately politicians want to use SS to scare old people, so I don't expect to see any substantial change.
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