"All we ever accomplish with raising the debt ceiling is no different than an individual who overspends, wants to continue his behavior and then wants the credit card issuer to keep raising his credit limit again and again."
Beg to differ, JB: There is a reason the US, unlike "an individual" will (as long as the rate of economic growth meets or exceeds the rate of growth in the debt on average over time) - will always be able to make the payments on its debt. See my post below for the argument. The history of the country offers empirical evidence for the idea as well: the country has always been able to make the payments on its debt, notwithstanding how the debt has increased over the last 60 years (see: the chart at: https://fred.stlouisfed.org/series/GFDEGDQ188S). If the US economy continues to grow over the next 60 years as it has over the last 60 (an entirely reasonable prospect), the country will continue to be able to make the payments it must make on its debt.
Yes, we will be able to service our debt - but that doesn't address the issues of overspending that gave rise to the debt. Government also has 2 advantages that you and I do not have on debt repayment - we cannot compel our neighbors to pay higher taxes and we cannot print paper money. Also, you and I can never guarantee ourselves any income increase to cover any of our personal profligate choices. Yes, as long as Uncle Sam can play debt shell games with consistent refinancing, paper $$ and taxes, the game will continue regardless of your article's findings. However, to me -- we are F****d economically as a nation and We The People have bought into the politician's favorite lie -- We can spend more and more and it will cost you, the voter - NOTHING. You keep voting for me and I will keep you happy.
"All we ever accomplish with raising the debt ceiling is no different than an individual who overspends, wants to continue his behavior and then wants the credit card issuer to keep raising his credit limit again and again."
Beg to differ, JB: There is a reason the US, unlike "an individual" will (as long as the rate of economic growth meets or exceeds the rate of growth in the debt on average over time) - will always be able to make the payments on its debt. See my post below for the argument. The history of the country offers empirical evidence for the idea as well: the country has always been able to make the payments on its debt, notwithstanding how the debt has increased over the last 60 years (see: the chart at: https://fred.stlouisfed.org/series/GFDEGDQ188S). If the US economy continues to grow over the next 60 years as it has over the last 60 (an entirely reasonable prospect), the country will continue to be able to make the payments it must make on its debt.
Yes, we will be able to service our debt - but that doesn't address the issues of overspending that gave rise to the debt. Government also has 2 advantages that you and I do not have on debt repayment - we cannot compel our neighbors to pay higher taxes and we cannot print paper money. Also, you and I can never guarantee ourselves any income increase to cover any of our personal profligate choices. Yes, as long as Uncle Sam can play debt shell games with consistent refinancing, paper $$ and taxes, the game will continue regardless of your article's findings. However, to me -- we are F****d economically as a nation and We The People have bought into the politician's favorite lie -- We can spend more and more and it will cost you, the voter - NOTHING. You keep voting for me and I will keep you happy.