Jack's Enclave - Obama Wants Power to Raise Debt Limit By Himself, Anytime
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Up to this point I have been soft on many of the administration's budget demands. This for the sake of compromise. The President's demand that he be given the power to raise America's debt limit without congressional approval, however, has crossed my proverbial line in the sand.

At a point in negotiations when opposition leadership appeared to be willing to relent on some of its previous hard line positions, e.g. tax increases on the top two percent, the President demands he be given the authority to raise the debt ceiling. In effect be given an unlimited credit card without any spending oversite. If allowed, the debt will eventually come due. My children, my grandchildren and my nation will then suffer the consequences of:

Higher taxes
High interest rates
Slower economic growth
Weaker job markets
Higher inflation
Weakening, if not collapse, of the US dollar

President Johnson dug our economic grave with his "Great Society". Every President since, up to George W. Bush, contributed to the building of the coffin by not addressing the need for a balanced budget. George W. Bush put the lid on the coffin. President Obama is looking to nail it down.

Physical Cliff? Bring it on. The pain suffered now will be far less than if we let President Obama continue to rack up insurmountable debt levels.

December, 2012