Democrats in Congress are pushing
to raise the debt ceiling yet again. In fact, some want to dispense
with it altogether. This comes up at least every couple of years. And every
time, Republicans talk of not raising the debt ceiling, and suggest possibly
(gasp!) reigning in spending instead. And, every time, Democrats smear
Republicans as heartless cads who want to deprive folks of the programs they
need and depend on, while accusing them of wanting to shut down the government
to do just that.
And Republicans back down in the
face of the pressure and smears. Every time.
Despite the fact that the U.S.
Treasury collects a mind-boggling $5 trillion a year in tax revenue while the
debt service costs us $400 billion a year. Discretionary non-defense
spending has risen by a staggering one-third just since 2019. The Biden
administration’s latest budget proposal would increase U.S. debt to nearly $51
trillion by 2033, from the roughly $31.5 trillion it stands at now. This is
unsustainable. And a nation can’t just print more money to pay off debt, as spending
and printing both necessitate rampant inflation. At this rate-- sooner, rather
than later-- this house of cards will fall, and our economy will collapse. (See
also the Weimar
Republic of the 1920s and Venezuela
circa 2018.)
Why not just spend a gazillion-quadrillion
dollars, Democrats? No limits! To infinity and beyond!
Reality is not a concept with which
“progressives” typically care to engage.
The idea that we must borrow more
and more to pay the debt service and interest on the money we have already
borrowed is patently and completely absurd.
Son: “Dad, I need to borrow some more money from you.”
Dad: “Really? Why son?”
Son: “Because, if I don’t, I won’t be able to pay back
any of the money I already owe you.”
It is time to stop the insanity. A
debt ceiling would be nice. But we need a “stupid ceiling” and a “greed ceiling”
as well.
Don’t hold your breath.
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