Remember Judgment Day, it’s back!

Dave Ross Commentary – Listen: Remember Judgment Day, it’s back!

“It’s going to be a horror story,” said Harold Camping.

Well it’s back!

America is 34 days from defaulting on its debt for the first time in US history.

And there is a debate going on over what would be worse: defaulting on the debt, or failing to control government spending.

For example — Greece failed to control spending, granted all sorts of benefits, let government workers retire at 50, tolerated a lazy economy where the biggest industry was the timeless musical Mamma Mia.

Oh to get drunk and party on a Greek beach! But now the party’s over and to avoid default, they have to raise various taxes and fees, which will cost the average Greek family of four an additional $4000 a year. How’s that going down on the streets of Athens?

“This is not a situation for human beings and for democracy,” said a woman in one report.

“We don’t produce anything, all we have is sun, tourism, a few vegetables and olive oil,” said another man.

Not going well, apparently.

Debt crises have happened before, and IN THE PAST members of congress, including a certain Senator Obama, have voted no on raising the debt ceiling. But BACK THEN they knew it would pass anyway. This time, the NO votes might just prevail.

Short term–if we don’t raise the debt August 2 we’d either have to INSTANTLY cut government by 1/3, or instantly collect 50% more in taxes to avoid default.

And LONG TERM if we don’t control spending,we end up like Greece except without the singing and dancing.

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