In March 2023 the US government had revenues of $313B. In March 2023 the interest on the US debt was $67B.
The only fear of a default is from those who do understand the issue. There is plenty of revenue to service the debt. There is however, not enough money to service the debt and pay for wasteful programs though.
Paul: I am so sick and tired of the conventional coverage of these debt ceiling standoffs, and fatalistic attitude of many republicans that the public will blame us if we don't cave to democrat spending.
They write about it like it's nothing more than a political game of pin-the-tail-on-the-donkey.
And in this cycle they act like the current US practice of spending has no consequences, when we're regressing into the era of stagflation in the 1970s.
"The Debt" is not just a number. It has real effects on the lives of Americans. Republicans have to link the reality to the issue.
Deal with it: Continued spending means continue money printing, which means continued inflation at rates above 5%, which means continue interest rate increases by the Fed, which means that fewer people can borrow, buy homes, create jobs, pay their debts.
I applaud McCarthy for the effort to link these issues, where past republican leaders have typically hidden under the desk and caved early.
McCarthy's down-to-earth explanation of the linkage between spending caps and debt ceiling increases, using the example of a spendthrift teenager, was the most articulate and practical explanation I've heard from any republican leader, ever.
What has the senior republican leader in Congress, Mush McConnell - Mr. Fiscal Conservative Himself! - been doing to mount a fight in the Senate, besides offering tepid murmurs?
Whatever GOP politicians in Congress believe with regards to the accumulating debt, they will fold as they always have. They have no answer to the certainty of negative publicity in taking a hard stand much less the fallout from a default on debt service or a freeze in spending. The "down-to-earth" explanations of McCarthy will last as long as the political temperature is below boiling. Saying to yourself, "Well...next time" will always be preferable to these people over taking a stand that will entail significant personal cost. They are not the embodiment of Bushido. And yet, they are the choice of the people.
Bushido! Yes, we need more it. But how difficult is to explain something to people, especially when the causes and effects are right in front of their eyes (and bank accounts)?
"fear of a default"
In March 2023 the US government had revenues of $313B. In March 2023 the interest on the US debt was $67B.
The only fear of a default is from those who do understand the issue. There is plenty of revenue to service the debt. There is however, not enough money to service the debt and pay for wasteful programs though.
Paul: I am so sick and tired of the conventional coverage of these debt ceiling standoffs, and fatalistic attitude of many republicans that the public will blame us if we don't cave to democrat spending.
They write about it like it's nothing more than a political game of pin-the-tail-on-the-donkey.
And in this cycle they act like the current US practice of spending has no consequences, when we're regressing into the era of stagflation in the 1970s.
"The Debt" is not just a number. It has real effects on the lives of Americans. Republicans have to link the reality to the issue.
Deal with it: Continued spending means continue money printing, which means continued inflation at rates above 5%, which means continue interest rate increases by the Fed, which means that fewer people can borrow, buy homes, create jobs, pay their debts.
I applaud McCarthy for the effort to link these issues, where past republican leaders have typically hidden under the desk and caved early.
McCarthy's down-to-earth explanation of the linkage between spending caps and debt ceiling increases, using the example of a spendthrift teenager, was the most articulate and practical explanation I've heard from any republican leader, ever.
What has the senior republican leader in Congress, Mush McConnell - Mr. Fiscal Conservative Himself! - been doing to mount a fight in the Senate, besides offering tepid murmurs?
Whatever GOP politicians in Congress believe with regards to the accumulating debt, they will fold as they always have. They have no answer to the certainty of negative publicity in taking a hard stand much less the fallout from a default on debt service or a freeze in spending. The "down-to-earth" explanations of McCarthy will last as long as the political temperature is below boiling. Saying to yourself, "Well...next time" will always be preferable to these people over taking a stand that will entail significant personal cost. They are not the embodiment of Bushido. And yet, they are the choice of the people.
Bushido! Yes, we need more it. But how difficult is to explain something to people, especially when the causes and effects are right in front of their eyes (and bank accounts)?