Jim DeMint Resigns Senate To Run Heritage Foundation
South Carolina Senator Jim DeMint (R) announced today he is quitting the Senate. Midterm. In a couple of weeks.
He is going to be the new President of the conservative Heritage Foundation.
Governor Nikki Haley will appoint a successor who will serve until a special election can be held in 2014.
The timing of this, being who he is and being not three weeks until the fiscal cliff arrives, is ominous to say the least. The following is from his official government website blog, dated 11/20/2012.
“No one on either side of the aisle should dismiss the consequences of going over the cliff. But as bad as it could be, a typical Washington deal — a bipartisan agreement to put off difficult decisions and foist the inevitable costs on future generations — could be even worse. We as a nation are fast running out of road to kick the can down.
As with corporations like Enron and Lehman Brothers, and nations like Greece and Spain, the United States’ deteriorating fiscal situation will be fine… until it’s not. When the bond market collectively decides a debtor has borrowed beyond its means, lenders begin to charge higher interest rates for future borrowing. Given our $16 trillion and growing debt, every percentage point increase in interest rates equals $1.3 trillion more in interest payments over ten years. So even if rates rise only one percentage point more than projected – let alone to even higher historical averages — the increased borrowing costs alone will swallow up any meager savings on the scale Congress has heretofore contemplated.
That’s the real fiscal cliff — the moment the United States can’t borrow any more money at low interest rates. That cliff is coming sooner than we might think, and sooner still if Congress passes the kind of self-serving bipartisan agreement we have every reason to expect from a “lame duck” session.”
Ever hear anyone else talking like this?
So, does Jim DeMint think the US government, and the economy with it, are going to collapse? Maybe even within the next thirty days? Hmmmm….
~Kayser Sosa
We need your help! If you like PunditHouse, please consider donating to us. Even $5 a month can make a difference!
Short URL: https://pundithouse.com/?p=12445
