This post was originally published on the Public Notice: Bankrupting America Blog.
These days Americans are facing some steep costs:
Driving anywhere is expensive, as the average gallon of gasoline costs more than $3.70.
Putting food on the table is pricey, as a family of four spends more than $900 per month on a “moderate” grocery budget.
And as we reported earlier, each person owns a $45,300 share of the Federal debt.
With all those costs, it should come as no surprise that two thirds of those questioned, in our latest poll, believe that “small businesses and average Americans” would suffer the most if Congress fails to raise the debt ceiling.
As discussed in our memorandum:
Fully two-thirds of the electorate, sixty-six percent (66%) indicate they believe that small businesses and average Americans would be most impacted if Congress fails to raise the debt ceiling and defaulted on loans to other countries. Only 21% believe that Wall Street and big business would be most affected.
The economy cannot withstand Washington’s inability to kick the habit that led to accruing $14.3 trillion in debt. Increasing the debt ceiling, without significant spending cuts, will push yet another burdensome cost onto average Americans at a time when they’re already struggling to make ends meet.