] Dick Morris: Budgeting through debt limit

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December 2, 2014

Jonathan Tobin: Defending the Right to a Jewish State

Heather Hale: Compliment your kids without giving them big heads

Megan Shauri: 10 ways you are ruining your own happiness

Carolyn Bigda: 8 Best Dividend Stocks for 2015

Kiplinger's Personal Finance editors: 7 Things You Didn't Know About Paying Off Student Loans

Samantha Olson: The Crucial Mistake 55% Of Parents Are Making At Their Baby's Bedtime

Densie Well, Ph.D., R.D. Open your eyes to yellow vegetables

The Kosher Gourmet by Megan Gordon With its colorful cache of purples and oranges and reds, COLLARD GREEN SLAW is a marvelous mood booster --- not to mention just downright delish
April 18, 2014

Rabbi Yonason Goldson: Clarifying one of the greatest philosophical conundrums in theology

Caroline B. Glick: The disappearance of US will

Megan Wallgren: 10 things I've learned from my teenagers

Lizette Borreli: Green Tea Boosts Brain Power, May Help Treat Dementia

John Ericson: Trying hard to be 'positive' but never succeeding? Blame Your Brain

The Kosher Gourmet by Julie Rothman Almondy, flourless torta del re (Italian king's cake), has royal roots, is simple to make, . . . but devour it because it's simply delicious

April 14, 2014

Rabbi Dr Naftali Brawer: Passover frees us from the tyranny of time

Greg Crosby: Passing Over Religion

Eric Schulzke: First degree: How America really recovered from a murder epidemic

Georgia Lee: When love is not enough: Teaching your kids about the realities of adult relationships

Cameron Huddleston: Freebies for Your Lawn and Garden

Gordon Pape: How you can tell if your financial adviser is setting you up for potential ruin

Dana Dovey: Up to 500,000 people die each year from hepatitis C-related liver disease. New Treatment Has Over 90% Success Rate

Justin Caba: Eating Watermelon Can Help Control High Blood Pressure

The Kosher Gourmet by Joshua E. London and Lou Marmon Don't dare pass over these Pesach picks for Manischewitz!

April 11, 2014

Rabbi Hillel Goldberg: Silence is much more than golden

Caroline B. Glick: Forgetting freedom at Passover

Susan Swann: How to value a child for who he is, not just what he does

Cameron Huddleston: 7 Financial Tasks You Should Tackle Right Now

Sandra Block and Lisa Gerstner: How to Profit From Your Passion

Susan Scutti: A Simple Blood Test Might Soon Diagnose Cancer

Chris Weller: Have A Slow Metabolism? Let Science Speed It Up For You

The Kosher Gourmet by Diane Rossen Worthington Whitefish Terrine: A French take on gefilte fish

April 9, 2014

Jonathan Tobin: Why Did Kerry Lie About Israeli Blame?

Samuel G. Freedman: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau

Jessica Ivins: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau

Kim Giles: Asking for help is not weakness

Kathy Kristof and Barbara Hoch Marcus: 7 Great Growth Israeli Stocks

Matthew Mientka: How Beans, Peas, And Chickpeas Cleanse Bad Cholesterol and Lowers Risk of Heart Disease

Sabrina Bachai: 5 At-Home Treatments For Headaches

The Kosher Gourmet by Daniel Neman Have yourself a matzo ball: The secrets bubby never told you and recipes she could have never imagined

April 8, 2014

Lori Nawyn: At Your Wit's End and Back: Finding Peace

Susan B. Garland and Rachel L. Sheedy: Strategies Married Couples Can Use to Boost Benefits

David Muhlbaum: Smart Tax Deductions Non-Itemizers Can Claim

Jill Weisenberger, M.S., R.D.N., C.D.E : Before You Lose Your Mental Edge

Dana Dovey: Coffee Drinkers Rejoice! Your Cup Of Joe Can Prevent Death From Liver Disease

Chris Weller: Electric 'Thinking Cap' Puts Your Brain Power Into High Gear

The Kosher Gourmet by Marlene Parrish A gift of hazelnuts keeps giving --- for a variety of nutty recipes: Entree, side, soup, dessert

April 4, 2014

Rabbi David Gutterman: The Word for Nothing Means Everything

Charles Krauthammer: Kerry's folly, Chapter 3

Amy Peterson: A life of love: How to build lasting relationships with your children

John Ericson: Older Women: Save Your Heart, Prevent Stroke Don't Drink Diet

John Ericson: Why 50 million Americans will still have spring allergies after taking meds

Cameron Huddleston: Best and Worst Buys of April 2014

Stacy Rapacon: Great Mutual Funds for Young Investors

Sarah Boesveld: Teacher keeps promise to mail thousands of former students letters written by their past selves

The Kosher Gourmet by Sharon Thompson Anyone can make a salad, you say. But can they make a great salad? (SECRETS, TESTED TECHNIQUES + 4 RECIPES, INCLUDING DRESSINGS)

April 2, 2014

Paul Greenberg: Death and joy in the spring

Dan Barry: Should South Carolina Jews be forced to maintain this chimney built by Germans serving the Nazis?

Mayra Bitsko: Save me! An alien took over my child's personality

Frank Clayton: Get happy: 20 scientifically proven happiness activities

Susan Scutti: It's Genetic! Obesity and the 'Carb Breakdown' Gene

Lecia Bushak: Why Hand Sanitizer May Actually Harm Your Health

Stacy Rapacon: Great Funds You Can Own for $500 or Less

Cameron Huddleston: 7 Ways to Save on Home Decor

The Kosher Gourmet by Steve Petusevsky Exploring ingredients as edible-stuffed containers (TWO RECIPES + TIPS & TECHINQUES)

Jewish World Review Jan. 10, 2013/ 28 Teves, 5773

Budgeting through debt limit

By Dick Morris




http://www.JewishWorldReview.com | The Republican Party and its House leadership need to find a place to stand in the debt-limit battle that is approaching. Lacking a politically viable place to stand is just a prelude to an inevitable surrender.

On the one side are those who oppose any increase in the debt limit at all or who demand major spending cuts in return for any debt-limit increase. The political fallacy of their position was exposed during the August 2011 debt-limit discussions. When push came to shove, the Republicans were unwilling to endanger the credit of the U.S., risk that Social Security checks wouldn't go out or deny pay to the military as they risked their lives in combat.

Obama and the Democrats called their bluff and pulled it off.

On the other side are those who say that the House can carve out exceptions to their refusal to raise the debt limit. These members hope that they can, for example, say that you can borrow more if it's necessary to avoid default or to pay Social Security, etc.

The problem with this approach is that the Senate will blow right past it and refuse to pass the exceptions. Then the Republicans will be right back where they started with an all-or-nothing decision on closing down the government. If the House pulled that trigger, the Republican leaders know, it is their party that would be blamed, and the Senate's refusal to pass their cushioning amendment would be a forgotten footnote.
And if the Republicans try to redline the areas for which the government can and cannot borrow, Obama can always talk about the areas they leave out: veterans' benefits, education, environment, transportation, etc.

So here's the answer: Raise the debt limit much more gradually than Obama wants. If, for example, he wants $3 trillion over two years, give him $1 trillion and dole it out in monthly increments. Give him a debt limit that goes up by 4 percent per month.

Once the House takes this step, the battle over the debt limit becomes simply a question of how much. And Obama will fare badly in this argument. It will be more spending against less spending, a fight the Democrats will lose.

Because the debt-limit increases will not be earmarked for specific purposes, Obama cannot trot out a few key programs and say they would have to close down. Nor can he threaten default. The 4 percent increases will afford him adequate authority to borrow to meet truly important obligations. The gradual approach to debt limitation will simply force Obama to prioritize and to limit his appetite for spending.

And it gives the Republicans a good place to stand during the battle. If Obama wants $3 trillion and the Republicans are only offering $1 trillion, the entire debate becomes quantitative. Obama cannot make it about Social Security or default. It will just be over how much we want to let him borrow. Here he has public opinion against him and we can force him to yield.

With the Senate refusing to pass a budget — and with the president using his executive authority to bypass Congress at every turn — the annual appropriations process is not the way to control spending. But you can force a form of budgeting by manipulating the debt limit.

Granted, it's a little bit like driving a car using the emergency break as opposed to the regular brake pedal, but when the brake doesn't work, engaging the emergency brake is a whole lot better than crashing! And it is the only way to rein Obama in.

Remember that we are borrowers who are also our own creditors. We are borrowing money we print at interest rates we set by fiat. The normal constraints on borrowing — a lack of willing creditors or high interest rates — don't operate here. It is only through the debt limit that we can achieve any kind of discipline.

Dick Morris Archives


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