Financial alliteration or economic obfuscation?

From King W. in his press “briefing” on September 20:

The deficit, as a percent of GDP, is low. It's lower than the 30-year average.

Sounds great! Our federal financial house is in better order than it has been in 30 years!

Maybe not:

WASHINGTON (AP) -- Treasury Secretary Henry Paulson told Congress on Wednesday the government will hit the current debt ceiling on Oct. 1. He sought quick action to increase the limit, saying it was essential to protect the "full faith and credit" of the country, especially at a time of financial market turmoil.
The limit is $8.965 trillion. Unless Congress votes to raise it, the country would be unable to borrow more money to keep the government operating and to pay debt obligations coming due.

Boy, I wish I could just “increase my debt ceiling” and avoid all those pesky financial restrictions on my life…

But wait?!?!?:

[T]he country would be unable to borrow more money to keep the government operating and to pay debt obligations coming due.

Just imagine – take a credit card, get a cash advance from it – then use that cash advance to pay the interest on another credit card.

Does that sound fiscally responsible?

Peter?

Paul?

So while “inflation” is low, the DOW is up – consider the Consumer Price Index. How much are those crazy extravagances like food and fuel costing you nowadays? And why is inflation so low? – Perhaps because WAGES (the cost of labor) are a key component to inflation calculations.

What will the Democratically controlled Congress do about the Federal Debt ceiling? Do tell…

Congressional Democrats are poised to take the politically uncomfortable but unavoidable step of raising again the federal debt ceiling, using the budget process to increase the nation’s credit limit even though they had hammered Republicans for making the same move in previous years.

Boy, those tax cuts are really paying off. W. claims:

PRESIDENT’S 2008 BUDGET
Reducing Deficits Each Year and
Balancing the Budget by 2012

But:

BRAVO, Mr. President!! You have predicted a federal budget that will balance (that is, finally not add debt, yet not decrease it) FOUR YEARS after you leave office! -- And we all know how accurate your predictions have been...

But – who’s really paying attention? All we have are market numbers touted like scores at some high school football game. Never mind:

Few took notice, but for the first time in U.S. history last Friday, the national debt hit an all-time high of $9 trillion.

To be exact, the total liabilities of the U.S. Government hit $9,005,648,561,262.70, according to the Bureau of the Public Debt at the Treasury Department.

Numerically, that’s in excess of the debt ceiling set by Congress, which stands at $8.965 trillion.

Some components of the national debt are excluded from the debt ceiling calculation.

But had it truly been reached, the Treasury Department would be barred from selling any more bonds, notes and other securities until Congress raises the limit.

Debt, deficit – the difference? - Who cares? Who?