Debt ceiling doesn't exist?

For the last month or so, we've been hearing from the circus in Washington D.C., about our nation's dire financial issues. The fact is that we have a national debt of nearly $15 trillion and more than $100 trillion in unfunded financial liabilities. As everyone knows by now, this nation has endlessly borrowed so much money and accumulated so much debt, that it is inevitable sometime down the road, the country may be entirely untenable, whereas a default is likely to be anticipated.

But President Obama's little weasel of a Treasury Secretary Tim Geithner has been attempting to stop a default from happening. He's been pleading with Congress all month to approve raising the debt ceiling and it is apparent that in the coming days, if the debt ceiling is not raised, the United States will not be able to pay its bills and we'll all be in for perhaps another severe economic collapse.

Now hear is something very intriguing. According to Professor Antony Davis at Duquesne University Donahue School of Business, he says that the so called 'debt ceiling' really doesn't exist and that Americans shouldn't waste time listening to all of the lies coming out of Washington.

Davis says that since 1970, Congress has raised the debt ceiling limit more than 70 times and says it is nothing more than a complete work of fiction. If you are anticipating a default, you simply stir up a bunch of scare tactics and then you raise the barrier bar, by a few notches.

Furthermore, Davis implies that since 1969, Federal income tax ranged from 77% to a low of just a slender 28% in the early 1990's and then going up and down between 30% to 40% from 1993 to 2010. Federal revenues from 1969 to 2010 remained about the same, an average of roughly 18% of GDP.

In short, Davis suggests that the Federal Government really has no control over its own revenue. He adds that if the tax brackets are actually fixed, then it is completely obvious that our so called debt problem is really nothing more than spending problem.

Despite this, it looks like Geithner has the Republican lawmakers in the House, deep in his pockets. No pun intended.