Though satire, this Babylon Bee article asks a good question. What is wrong with not being able to borrow more money. Yes, that would mean the Feds would be forced to cut back spending—and that is a good thing. If we do not pass a debt increase it would show the financial markets, we are serious about our economy and rational spending.
Thank you for reading this post, don't forget to subscribe!In all, we should be rooting for NOT increasing the debt. It is time we take the hard road of fiscal responsibility, not the easy road of drunken spending.
Nation Unsure How The Government Not Being Able To Borrow More Money Is A Crisis
BabylonBee.com, 5/24/23 https://babylonbee.com/news/nation-puzzled-how-the-government-not-being-able-to-borrow-more-money-is-a-crisis?utm_source=The%20Babylon%20Bee%20Newsletter&utm_medium=email
U.S. — As negotiations to raise the debt ceiling continue, American citizens are beginning to wonder how the federal government being unable to borrow trillions more dollars is some kind of crisis.
“Could you explain to me again how this is bad?” asked business owner Josiah Smith. “The media keeps saying this is heading toward some type of horrible catastrophe, but if the government isn’t able to borrow more money to burn on stupid stuff or send to Ukraine, I’m kinda on board with it.”
The Biden administration has been engaging in negotiations with congressional leaders for several weeks in an attempt to raise the debt ceiling and avoid defaulting on the national debt, which the media has indicated would be a disaster of epic proportions. “It would literally end the world,” said Professor Blake Rumsey, spokesman for the Center for Why Stuff Matters. “If the debt ceiling is not raised immediately, it could potentially open a tear in the space-time continuum. If you’ve heard the explanation from Doc Brown in the Back to the Future films, you know that’s a bad thing.”
For everyday Americans, however, hearing the government is currently blocked from borrowing any more money is giving them peace of mind. “I’ve been sleeping much better,” Smith said. “Knowing my leaders aren’t able to continue digging us into a financial hole my great-great-great-grandchildren will never get us out of is a load off my mind.”
At publishing time, the world had not yet ended and no rips had been reported in the space-time continuum…yet.
About Stephen Frank
Doesn’t everyone over the age of 40 remember that we’ve been down this road many times before, always a looming catastrophe and then on the day before we’re supposed to default, they come to an agreement. but even if they did not agree, there would be no significant consequence. The interest on our debt is about 15% of the money we have on hand, so, the only issue would be where to postpone funding of various activities. It’s never going to be Social Security or veterans’ pay–those are hard-wired for payment. If only the first thing to cut were the salaries of the legislators–wouldn’t that ensure a quick compromise.
China has its plan out to 2050. The US has its plan only to the next election cycle, so they aren’t at all concerned that debt is mounting exponentially. And most “cuts” to the budget are only cuts to the increase in the proposed spending, not cutting a dime from the last budget cycle.