The US should raise it's Debt Ceiling, with or without concessions

Thanks for the debate Double_R. My opponent was doing well until this last round, where he basically concedes all my arguments - all he does is repeat them back at me as questions. He never proves that privatizing Social Security would be bad, whereas I asserted that is the fair thing to do, since my generation won't get any of its benefits. Couple that with defense cuts (like removing troops from Germany, Italy, England, and Japan) and we could solve this problem without increasing the debt ceiling. He never proves that repudiating our debt would be bad. He never proves that China/Japan wouldn't just be forced to bail us out or forgive some of our debt. All he does is invoke my lack of a source, without bothering to attack my logic. But right now, I'll expand on both the source and logical warrant. First, this is a well known fact, that China holds too many T-bonds to dump them. Slate writes, "Still, there's little sign that China will reduce its U. S. -debt investments, or slow its purchase of T-bonds; any sell-off would risk flooding the market, devaluing China's investments still further. " . http://www.slate.com... Second, it just makes logical sense. If China holds trillions of dollars in US Treasury bonds, and they want to start selling, the problem is, they can't find enough buyers for all the trillions of dollars at once. So lets say they manage to sell a few hundred million. But as soon as investors hear that China is selling T-bonds, the value of the T-bonds plummets, meaning China's announcement of their intent to sell T-bonds destroys the value of their T-bonds. It's a simple supply issue. It's an ironic development that China bought so many T-bonds that they can't get rid of them, but the US should most definitely use this to our advantage, ESPECIALLY considering that our debt and overconsumption is responsible for a lot of China's recent growth. They should pay some of it back. My opponent argues that I'm being contradictory - arguing both for no increase in the debt ceiling and abolishing it. But in the world of debate, I can advocate that the judge vote for one or the other. If you don't buy my arguments regarding not increasing the debt ceiling, then vote to abolish it. My opponent agrees that this would be a negation of the resolution. If the debt ceiling is so annoying and keeps resulting in useless political bickering, when we've already spent the money anyways (since the budget is passed longer before the debt ceiling rise is debated), and if you buy my opponent's argument, that not raising the debt ceiling leads to the destruction of the US economy, then avoiding having this same fight the next year and the year after and the year after is better, so vote Con to repeal the debt ceiling entirely. It has more benefit than voting Pro, if you buy his case. But if not, then vote Con anyway, since if you want a debt ceiling to have any meaning, we have to actually enforce it for once. We raised the debt ceiling in 2001, 2002, 2003, 2006, twice in 2008, and are considering doing it again this year. As Rothbard noted, we just automatically increase it whenever the issue arises, which is why the debt ceiling has gone from $2.5 trillion to $14.8 trillion. My opponent's only real argument in his last round is an analogy about a credit card bill. But remember, if you hit your spending limit, the credit card company won't just increase the limit for you - that's not how a limit works. My opponent next invokes all the bad things that would happen - his sister not getting her check for serving in the military; grandma not getting her Medicare. First, note that we could solve the problem (which my opponent claims would require $738 billion in cuts) with JUST cuts to the military and Social Security. I never argue for shutting down the government or Medicare. Also, note all the other reasons I provide for why this would either not happen or would be good: 1) China could not dump T-bonds, so they'd just have to forgive the debt or bail us out 2) US could print money, causing inflation, which would cause the dollar to devalue relative to other currencies, making our exports more competitive 3) US could renounce the debt, allow the dollar to collapse, and use gold and silver as legal tender, avoiding the boom and bust cycle forevermore (my opponent asks which states are doing this now - Utah is . http://www.dailypaul.com...) 4) We could make the necessary cuts - the Deficit Reduction Committee gave us a huge list. 5) We could simplify the tax code (also recommended by the Deficit Reduction Committee), so we collect more taxes. The IRS fails to collect 20% of potential tax revenue. 6) The Republicans could just threaten to hold out on raising the debt ceiling (a real, credible threat). If the consequences really are as dire as my opponent says and the threat is credible, Obama would be forced to give in. But this still requires you to vote Con because we need to be serious about the threat to get the government to lock in future cuts. This is the only way to get cuts since otherwise politicians will just put them off for future generations. Notice my opponent leaves all of the above arguments unrefuted. He also never proves that the government is good. Maybe a government shutdown wouldn't be as bad as he says it is. As I said, if the government shut down, the private sector would take over the areas the government currently administers, but do them much more efficiently, generating jobs. And people not having to pay taxes anymore would massively stimulate the economy. My opponent doesn't impact anything, he just appeals to your gut with rhetorical questions ("abolish Social Security? ?? "). My opponent says "the time" to have taken a stand on the debt ceiling was during the Bush years, but first, we always blame everything on previous politicians to absolve the current politicians from taking any responsibility. Second, the debt ceiling was much much much lower before Bush took office; even if Bush had not increased our debt, we'd still be debating raising the debt ceiling right now to pay for Obama's $1.5 trillion deficit, even if the debt was instead at only $6 trillion. The point is, we didn't take a stand back then because "the debt didn't seem that bad. " We won't take a stand now because "the economy hasn't improved enough. " But this will be a long winter - our economy has recovered, while removing 6 million jobs structurally; businesses have achieved growth through outsourcing and computerizing tasks previously done by people. If we use that as justification to deficit spend $1.5 trillion each year, for the next 5-10 years, until things get better, then future generations are screwed. We are literally mortgaging our future, and the futures of our children. Every dollar that we deficit spend now is a significantly decreased quality of life in the future, since the bills will come due at some point, and that will be an extremely painful period. Even if I'm unemployed right now, that doesn't justify making my kid pay 90% of his income 30 years from now to pay for our enormous debt and entitlements. Anyways, the government hasn't passed a stimulus since 2009 - we're not even using the $1.5 trillion to generate jobs. We're just wasting money.