Lies about the debt ceiling

Enter stage left, Lord Smug and his many words

“   In remarks in the White House Rose Garden, the president linked two of the most high profile issues facing his presidency - the weak economy and a massive budget deal to meet an Aug. 2 deadline to increase the debt limit. "The sooner we get this done, the sooner that the markets know that the debt limit ceiling will have been raised and that we have a serious plan to deal with our debt and deficit, the sooner that we give our businesses the certainty that will need in order to make additional investments to grow and hire," Obama said. [Grim jobs report]

I can guarantee that everybody in the room has been subjected to the "if we don't increase the debt ceiling the world will end" harangue.  Noel Sheppard  [Media's Debt Ceiling Hysteria Ignores How Bonds, Budgets and Taxes Work] does a yoemanlike job of putting the lie to it all. “ If you believe every word uttered by hysterical news anchors and political commentators lately, you would think the world ends August 2nd if the debt ceiling isn't raised. Not only isn't this true, it's another indication of the press's total ignorance about our nation's budget and/or their willingness to lie to the American people in order to get taxes raised. ” Sadly he resorts to using graphs and charts, stuff no Liberal and few women understand, so let me sum-up.  What does the wise consumer do when circumstances make it impossible to make the house payment?  Pay the monthly interest, and you'll not be pestered by the bank.  The Obamunist argument is rubbish.