Debt Ceiling Hysteria and Hypocrisy
This week the US government reached its 31.4 trillion dollars borrowing limit, better known as the “debt ceiling.” This led to a showdown among House Republicans, President Biden, and congressional Democrats.
House Republicans are demanding that President Biden and Senate Democrats agree to include spending cuts with the debt ceiling increase. However, President Biden and the congressional Democrats are refusing to negotiate with Republicans. Rather, they and their allies in the mainstream media are lambasting Republicans for their “irresponsibility” in seeking to include spending cuts with an increase in the debt ceiling.
America’s national debt is approximately 122 percent of the gross domestic product (GDP), meaning the government owes more than the population produces. Interest payments on the national debt follow in size behind other federal budget big spending areas of Social Security, Medicare, and “defense.” While interest payments are made, the national debt continues to grow each year.
Government spending steals resources from the private sector. Thus, there is less capital available for private businesses to gro
Article from LewRockwell