The House has an important vote today that directly affects your wallet and those of future generations, again. Apparently, all the new cuts and freezes that Obama is talking about requires raising the debt limit another $1.9 trillion. That amounts to $6,000 for every U.S. resident. Already, the accumulated debt amounts to $40,000 per person. What is important about today’s vote is that if the House does not pass this increase, then there’s not enough borrowed money to implement the budget that Obama just presented to Congress.
The nut of Obamanomics is for the government to spend its way into prosperity and borrow its way out of debt. So in order to say he wants to cut spending and freeze spending (by less than 1%), he first needs to borrow and spend another $1.9 trillion, raising the cap on federal borrowing to $14.3 trillion. It’s obvious that neither Obama or his advisers are economic geniuses, but rather tax and spend idealogs where increases are cuts and up is down.