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Morris Pearl Wikipedia, Net Worth, Biography, Age, Wife, Facebook
Morris Pearl Wikipedia, Net Worth, Biography, Age, Wife, Facebook – The US officially hit the debt ceiling of $31.4 trillion today. To avoid catastrophic economic default, the Treasury Department will now move to implement “special measures” in the coming months.
Morris Pearl Wikipedia, Net Worth, Biography, Age, Wife, Facebook
Morris Pearl, president of the Patriotic Millionaires Foundation and former chief executive officer of BlackRock, Inc. made the following comments.
Today’s debt ceiling hike puts us one step closer to the financial crisis. A default would start a full-blown financial crisis around the world and cause millions of Americans to suffer severe economic losses.
It is not required to take place. The debt ceiling could easily be raised, as Congress has done 78 times before. Even better, they should remove it altogether. The only benefit of the debt ceiling is that it gives radical politicians the opportunity to take the global economy hostage.
That’s exactly going to happen now. The debt ceiling will be used by Republicans in Congress as leverage to force significant spending cuts on benefits programs like Medicare and Social Security.
We have a system in place to manage our spending. Congress enacted laws to control spending. Republicans are trying to create a total spending crisis because they know they won’t succeed in getting people to vote to cut government programs that actually help people.
It would be similar to if your spouse gave you a budget to go shopping, then when the credit card bill came due, they threatened to withhold the payment unless you agreed to cut it. Reduce your monthly medical expenses.
Republicans will scream and rage about “financial irresponsibility,” but don’t be fooled—the argument they make is absurd. New spending cuts won’t help prevent default because debt ceilings and federal spending are two very different things. The only action that can be considered “financially irresponsible” is to put the entire US economy at risk in an attempt to remove what remains of the already weak social safety net. our inferior.
The Democrats, led by President Biden, claim to have learned their lessons from their previous equally absurd debt ceiling battle with Republicans and will not budge on proposed spending cuts. Here’s how to proceed.
There isn’t anything to “negotiate.” Democrats must take all necessary measures to prevent Republicans from undermining the world economy or cutting Social Security and Medicare.
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Categories: Biography
Source: vothisaucamau.edu.vn
