By now everyone has heard that the United States is going to hit our current borrowing limit on August 2nd according to a US Treasury estimate.  The President has stated repeatedly that the limit must be raised or the US will default on its debt and trigger an unprecedented financial crisis that will have widespread and far-felt ramifications.  Congress is currently wrestling over how to address this most serious issue, though how much of it is genuine dissent and how much is put on to create a good show for the public is debatable. The President would like us to all think that the problem here is that the debt ceiling is not high enough.  That is not the problem.  The problem is that the debt ceiling is even an issue.  The problem is that the federal government is borrowing at such a rate that the federal debt is increasing by $40,000 per second!  That comes out to $3.456 BILLION a day.  And the President wants more. The choice here is a simple one.  We either continue down the path of reckless spending that will ultimately lead to the utter destruction of the dollar and the complete financial collapse of […]