Now this is where the story gets interesting – “Hell No!” an increase in the debt ceiling
By Steve Moore
Sometimes when you walk into a store with expensive goods on the shelves, you will see a sign that says “You break it, you buy it”. That’s a good slogan for Republicans as they fight the left’s economically catastrophic quest to bankrupt our country by allowing some $ 6 trillion in new spending.
It is the economic theory that if the ship is sailing towards an iceberg, it is better to accelerate.
It is a frightening time for our country. Democrats are drunk on power.
Under the Biden-Pelosi-Schumer plan, the national debt – which now stands at almost $ 30 trillion and is well above the warning sign of 100% of our national GDP – would reach nearly $ 50 trillion in 10 years. A new FreedomWorks study shows that debt under the Democratic plan could reach 200% of GDP over the next decade, almost twice as much as at any time in our country’s history.
This debt explosion will occur even if Democrats are also planning one of the biggest tax hikes in American history.
President Joe Biden and House Speaker Nancy Pelosi plan to do all of this without a single Republican vote – except for a handful of GOP Senators and House members who plan to vote the wrong way $ 1 trillion “infrastructure” bill, which primarily funds public transportation and green energy nonsense.
Democrats must allow an increase in the debt ceiling to deal with this multibillion dollar tuna.
Republicans say, rightly, “Don’t look at us.”
So now the crowd of Biden and their friends in the media are saying that if Republicans don’t approve a debt ceiling bill, THEY are the ones putting America in a financial crisis.
Virginia Democratic Senator Mark Warner, who is well into Biden’s spending scramble, has kindly said that Republicans should not “play with the full faith and credit of the United States of America” ââby failing to not cosigning the extension of the debt ceiling.
It’s rich. Doesn’t it seem obvious that the people who put our credit at risk and push us to the brink of financial collapse are the ones who actually approved all of this debt-related spending? They build up the credit card and blame the credit card company for not giving them a higher credit limit. Surprising.
There is another reason the Republicans are playing hard on the debt ceiling bill.
The only time in the past 35 years that poles in Washington – and this goes for both sides – have done anything to control spending was as a condition of raising the debt ceiling. This is how we got the Gramm-Rudman-Hollings reforms in 1985, how the Republicans in 1995 were able to put an end to Bill Clinton’s spending madness, and how we got the Budget Control Act in 2011 with caps of expenses and sequestration if expenses exceed the limits. . All of these measures have helped slow the spending rush.
Democrats want a “clean” debt ceiling bill without new safeguards.
Why? Maybe they have a few trillions more in mind that they want to spend in the years to come.
They adopted a new economic theory of dingbat which they call Modern Monetary Theory, which predicts that the government can borrow from now on until the kingdom comes up with ever larger amounts and nothing bad happens. will produce because we are the world’s reserve currency and foreigners are willing to lend us. low interest money.
Except that history is full of stories of great empires collapsing due to debt and rampant spending. The principles of modern monetary theory have been tested more recently by Argentines, Venezuelans, Puerto Ricans, Bolivians, Zimbabweans and Greeks.
There was no pot of gold at the end of this rainbow – just poverty, hopelessness, and bankruptcy.
Biden’s Democrats control all levers of power, and they use it to “transform” the country in ways few voters thought they would buy into. And, Republicans would be foolish to give one voice for the Democrats’ spending and debt frenzy.
Democrats broke it. They own it.
Stephen Moore, who previously wrote on economics and public policy for the Wall Street Journal, is Senior Fellow at the Heritage Foundation and economic consultant to FreedomWorks. He is the co-author of “Trumponomics: Inside the America First Plan to Revive the American Economy”.