Wouldn’t it be great if we could borrow as much money as we wanted and never had to pay the loan back? We could all live like kings and queens! Well, that’s what the U.S. Congress has done repeatedly to support their unchecked spending habits.
The national debt-limit looms large in Washington D.C. this week as Legislators consider raising that limit once again without any fiscal restraint or new accountability measures.
To make matters worse, democrats want to raise the debt ceiling even as they work on their $3.5 Trillion social-welfare and climate spending plan.
Republicans aren’t without fault as well on this issue, but they’ve apparently found fiscal religion again. Senate minority leader Mitch McConnell recently said, “let me be crystal clear about this. Republicans are united in opposition to raising the debt ceiling.”
The political class will wail and moan about the world-shattering problems of a technical default, but any prudent businessperson would use this opportunity of unsustainable debt to shrink liabilities and cut spending.
Unless that becomes part of the conversation, all patriotic Legislators should just say, “Hell no”.