The Biden Economy

[finnbow]

Originally Posted by whell

Your current fixation on extending the debt ceiling also ignores the central point that our current course is not sustainable. There are many folks out there, me included, who look at the episodic raising of the debt ceiling without any accompanying efforts to enforce some spending discipline as kicking the can down the road. We're starting to run out of road.

And you continue to conflate extending the debt ceiling with the size of the budget deficit. Threatening to default on our sovereign debt represents a refusal to pay for government expenses already Congressionally approved and incurred and has no bearing on the level of debt, other than it will actually increase the debt as the cost of government borrowing will go up if debt-based government securities become less secure. This makes exactly as much sense as thinking that refusing to pay your credit card bill will reduce the amount you owe to the credit card company.

You are so gullible as to believe that the GOP actually cares about the debt while at the same time you defend their irresponsible tax cut that increased the debt by nearly $2 trillion. This makes about as much sense as Matt Gaetz saying that he is deeply concerned about sex trafficking or Donald Trump saying he cares about election integrity (while awaiting indictment for election fraud).

In effect, Republicans are threatening to increase the debt (by increasing the cost of borrowing) if Democrats don't decrease it. Instead of doing the hard work of proposing legislation that can actually pass to address the issue head-on, they again roll out this dangerous gimmick now that a Democrat is again president. Every post of yours on this subject just adds further proof of your economic illiteracy.