I have been following the current debacle in Washington D.C. over "raising the debt ceiling." This has happened before but not under the economic climate we have today. Out largest debtor is China and they lost faith in the dollar some time ago and are dumping them on the open market as fast as they can. Other nations (we owe practically everyone) is and will do the same if Friday, August 2nd deadline arrives without a "strong cohesive plan to raise the ceiling" is not met by Democrats, Republicans, Tea Party and the President, catastrophic events could occur.
These include increasing interest rates making borrowing money even worse than today. The value of Eagle, the U.s. dollar will begin a downward spiral where some pundits say you may see 10 cents on every dollar you have. An jump in unemployment is also predicted which we can ill afford. There will be long lines at the banks and ATM machines.
I do mean to frighten everyone or set off a panic but this is what is at stake unless the GOP and those pain in ass Tea Party people finally receive some firsthand instruction on how government budgets work.
Yesterday, Standard & Poors followed Moody's in their real threat to lower the credit rating of the U.S. This affects our ability to sell bonds overseas and affects the global economy.
Today Moody's recommended that the Congress "do away with a debt ceiling altogether as no other nation uses this tool. It only iterates the "spending Congress has passed. Congress needs to keep tabs on money spent for earmarks, tax loopholes and tax welfare for the most wealthy Americans (2 - 5%).
Now to the question of Who Gets Paid and Who Does Not?
Instead of scaring our seniors regarding the August 3rd Social Security check and missed payroll for our military and their families, I suggest upon my research a start in cutting the wasteful spending.
If by Friday, July 15, 2011 at 12:01AM Congress has not passed a Ceiling Limit that is acceptable to the President, our top Economists and the American people, ALL members of Congress and their Staff should Immediately be issued LAY-OFF Notices! The Significance of this date is that there is a sufficient notice through August 1. They have not done their job for years (back to days of Bush) and have endangered this country's future to an alarming level!
On Friday, the President sends all members "home" who are not protected by the Constitution. The "least Senior Members of the House" should receive lay-offs first and follow an inverse seniority protocol.
Imagine the likes of Michelle Bachmann, Robert Scott and Eric Cantor without a job! Let them "FEEL" what all Americans have felt over the past 8 years! As House Majority Leader, Rep. Eric Cantor receives an annual salary set at $193,400. This figure does not include all the other perks and benefits that members of the Congress receive by law they legislated.
I did some checking on how Rep Cantor may fair returning home across the Potomac. The rather flippant citizen Cantor who has shown little
compassion the unemployed will receive under the Commonwealth of
Virginia the sum total of $359 per week. I will spell out some of these numbers later with at least two sources of verification. Let's see if that buys him a ticket into the White House where he can badger the President.
However, the total amount of savings to the American taxpayer by laying off all non-essential members of Congress is a whopping $22,294,833,564 or as politicians like to round off the sorry number, it is $22.3 Billion dollars!
I believe it is a damn good start! Congress goes home, live like those who collect UCB and no prospect of a job unless they can manipulate and lie to their constituencies and find re-election at a date further down the road. What would be the rush by holding off at least one year. I believe the Constitution only provides that each "state" have two (2) Senators and House Representatives loosely based on population numbers and the number of states. I doubt the Founding Fathers ever imagined Hawaii and Alaska as states. The number of reps does not need to total 435 members. We could allocate maybe one or two from each state.
Best of all, all the Low Seniority Tea Party Members would be sent home and hopefully enroll in refresher courses in American History, Government, Geography and Economics. Are you winking Sarah?
If you read this and have a comment or rating let me know. If you believe the idea has merit if only to punish an obnoxious Congress, please pass this along. I hope to get this to the White House!