Even if Congress didn't raise the debt ceiling, it would only mean the government couldn't borrow more money.
It's the explosive debt itself - and the fact that Congress refuses to get control of the spending that's driving it upward.
Like the U.S. today, Canada's debt was spiraling out of control in the late 1980s.
Chris Edwards, director of tax policy studies at the Cato Institute, explains that Canada's debt crisis "Scared away investors and the economy struggled. Canada's federal debt was downgraded by the rating agencies, and a Wall Street Journal editorial called the country a 'basket case.'".
Rather than squabble over pointless debt ceilings, the country realized it had a massive spending problem.
There's another country the left loves that also shows how spending restraint is the cure for a debt crisis.
It's not too late for the U.S. to avoid a debt calamity.
https://issuesinsights.com/2019/07/19/to-avoid-a-debt-crisis-look-to-canada-and-sweden/
It's the explosive debt itself - and the fact that Congress refuses to get control of the spending that's driving it upward.
Like the U.S. today, Canada's debt was spiraling out of control in the late 1980s.
Chris Edwards, director of tax policy studies at the Cato Institute, explains that Canada's debt crisis "Scared away investors and the economy struggled. Canada's federal debt was downgraded by the rating agencies, and a Wall Street Journal editorial called the country a 'basket case.'".
Rather than squabble over pointless debt ceilings, the country realized it had a massive spending problem.
There's another country the left loves that also shows how spending restraint is the cure for a debt crisis.
It's not too late for the U.S. to avoid a debt calamity.
https://issuesinsights.com/2019/07/19/to-avoid-a-debt-crisis-look-to-canada-and-sweden/
No comments:
Post a Comment