(12-27-2024, 08:10 AM)The Real Marty Wrote:

(12-26-2024, 08:56 PM)Jag149 Wrote: Personally, I would rather see congress eliminate this debt cap ceiling and produce an actual budget. We haven't had one since about 2008. We were around 9 trillion in debt then, now we are up to 36 trillion. Maybe go back to what was somewhat working?  This debt ceiling is a sneaky way to spend money we do not have for both parties.

The debt ceiling is just an agreement to pay the bills for things we have already bought.  It's like if you and your wife had to reach an agreement every month on whether to pay the mortgage and the credit card.  We have already bought stuff, and now we are arguing over whether we should pay for it.  It's an absurd and dangerous exercise.  Defaulting on our debts is not a good way to reduce government spending.  It's like if you decided the best way to reduce your household spending is to ruin your credit.  Only in the case of the federal government, ruining our credit would plunge the entire world into a deep economic depression.    
There's no point to this periodic holding a gun to our head and threatening to pull the trigger.  
We need to cut the spending.  But we still need to pay our bills.

Everything about our monetary system is built on air, and the balloon holding it is soon to pop. No one is going to cut spending in any meaningful way because the public will immediately vote them out in favor of others who will give them freebies. We're going to print and spend and print and spend and print and spend until the faith the system rests upon is shattered beyond repair. It's already too late, we simply haven't seen the fall yet.

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