Hitting the Debt Target
President Barack Obama’s persistent refusal to acknowledge that raising the debt ceiling will raise the national debt, has at least one financial commentator in a frenzy. “The president again, is he lying or is he just a moron,” says Peter Schiff, who produces a financial show on Internet radio. “He (president) says that if we raise the debt ceiling, it doesn’t give us more debt, it just let’s us pay for things like Social Security, or veterans benefits or the greatest military in the world. How? How do we pay for all those things? With debt, by issuing debt, by borrowing money.” Schiff further explained that the debt ceiling is more of a debt target. The more you hit the target, the more you move it back, he says. Take in the rest of his rant in this edition of The Peter Schiff Show.
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