Big Red Car here. Another great day — hot, ya’ll — in paradise for the Big Red Car. On Earth as it is in Texas.
So, I’ve been thinking about fairy tales — those stories told by, well, fairies to ‘splain things and to provide cute analogies.
Fairy tales are a bit of folklore which typically include witches, dwarves, giants, mermaids, gnomes, fairies, goblins or trolls and which include some element of magic or enchantment. They are not typically intended to be true stories — though the Big Red Car has met a few mermaids and trolls. [Haha, Big Red Car, you are so full of it. You've never met a mermaid. Haha.]
In many ways the National Debt is a fable told by some increasingly more alarming trolls about something in which the truth of it all is left on the cutting room floor, no? Yes, Old Sport.
The National Debt
The National Debt is the aggregate amount of debt owed by the United States government at an instant in time. It is not the same thing as the “deficit”. Look up the difference, Old Sport, if you must.
The National Debt limit is regulated by the Congress and is the mythical “debt ceiling” that is bandied about from time to time.
The Congress says that the Executive Branch cannot exceed their limitation — currently $16.7 Trillion — without the joinder of Congress which is a fancy way of saying the Congress has to authorize the debt ceiling being moved up. Think of it like a credit limit on your credit card.
How much is the National Debt, Big Red Car?
Well, that’s the thing, Old Sport. The National Debt is today reported at $16,699,396,000,000 — as it has been for the last 87 days — even though the monthly deficit for July alone was $98,000,000,000.
The thing about it all is this — the government continues to run monthly deficits BUT THE NATIONAL DEBT IS NOT GOING UP?
WTF, Big Red Car, how can the government be running monthly deficits and the National Debt is not increasing?
Well, the Secretary of the Treasury says that he is taking “extraordinary measures” to ensure the authorized debt ceiling is not violated.
Some troll has some ‘splaining to do
So WTF is going on?
Is the Secretary of the Treasury somehow making money in the basement and not increasing borrowing to cover the monthly deficits?
Or is someone telling a fib, Big Red Car?
Well, Grasshopper, the Big Red Car thinks that if their lips are moving, they are lying. You cannot run a $98,000,000,000 monthly deficit and not add to the National Debt.
So how can this happen?
Simple — the Republicans in the House don’t have the cojones to front it up right now because they keep getting bitch slapped by the administration and the Secretary of the Treasury is just slow walking it all along until everyone is back in town after spending a couple of weeks in Martha’s Vineyard or wherever.
You, the American people, are getting abused like a rented mule.