Negotiations over increasing the federal debt ceiling continue in Washington.
As has occurred several times over the past twenty years, Republicans and Democrats are presently using increases in the debt ceiling as a bargaining chip in negotiating how federal tax dollars will be spent.
We know how these negotiations always end: the debt ceiling is always increased, massive amounts of new federal debt are incurred, and federal spending continues its upward spiral.
Since the last time we endured a major debate over the debt ceiling-back in 2013-the national debt has nearly doubled, soaring from $16.7 trillion ten years ago to $32 trillion in 2023.
That's the basic premise of what we're seeing now when advocates of limitless increases of the debt ceiling bemoan "Cuts" to Social Security or any other welfare program.
"Give us new debt ceiling increases with no strings attached" appears to be the constant refrain.
Rather than trying to dishonestly inflate away the debt obligation, a less deceptive federal government would simply admit that it can only afford to pay back its debt at some reduced amount: say, 90 cents on the dollar, or less.
https://mises.org/wire/three-lies-theyre-telling-you-about-debt-ceiling
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