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.