Default Hysteria: Because Reporters Weren't Math Majors (and Democrats are Liars)

“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:

[snip]

[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?”

But it's such a useful misunderstanding for Prince Obammy, The Liar in Chief.

The Debt Ceiling is the Settled Law of the Land - So Democrats will refuse to change it?

The Debt Ceiling is the Law of the Land

Over the past few weeks, Democrats have indicated that they have no intention of negotiating over Obamacare, opting instead to shut down the government.  They are justifying their obstinacy by asserting that Obamacare is the law of the land.  Well, if that is the game they want to play, we should return the favor with the debt ceiling.  The debt ceiling, pursuant to the Second Liberty Bond Act of 1917, is the law of the land.  And it has been so for far longer than Obamacare.

And while we're at it:

The only way we default on the debt is if we fail to pay the interest on the public debt.  According to the updated budget projection from the CBO, interest on the debt will be roughly $237 billion for 2014.  Thanks to the short-term revenue benefits of the fiscal cliff and Obamacare tax hikes, the federal government is expected to rake in a record $3.042 trillion from the private economy this year.

Let’s engage in a simple math exercise.  $3.042 trillion – $237 billion = $2.805 trillion.  As long as the Treasury pays the first $237 billion in revenue to the shareholders of our debt, there will be no default, and we will have $2.805 trillion left to spend.  Again, default is taken off the table.  Discussion over.

Hit the link for how to spend the remaining loot, but this is a perfect opportunity to starve some of the more outrageous government boondoggles that infest the Federal Government.