Unlimited spending and borrowing continues in the U.S. debt crisis



Can you talk about the US debt crisis? Can’t you? group.

You may not even know they have it. After all, they continue to borrow, spend and tax, while progressives say the tax rate is too low. So you probably missed the content of the news feed about debt caps.

Or a newspaper. I didn’t have a “news feed” or “internet”, so I’ve been watching this story for a long time. Back in the 1980s, there was the big problem of government spending and borrowing too much. Do I mean a $ 1 trillion budget? $ 150 billion deficit? And people will be in vain and bipartisan committees will make courageous compromises to move the matter forward.

At some point, the crisis didn’t come, so everyone clearly decided it was just a theater. Under the gripper, Hank Williams. “Reagan is a Democratic screaming budget cuter,” Jr. said, with federal spending rising from $ 678 billion to $ 1.144 trillion and debt soaring from $ 738 billion to $ 2.1 trillion. And by fiscal 2021, the Parliamentary Budget Department predicted $ 6.8 trillion in spending, $ 3.8 trillion in revenue, and a deficit of only $ 3 trillion, but fortunately the actual deficit was only $ 2.77 trillion. The debt has been hit. Only $ 23 trillion. It’s good for Trump to beat Hillary and for the United States to budget like the Banana Republic.

Curiously, I just received an NBC email saying “avoid government closures are commonplace”. And the problem isn’t even debt or deficits. Instead, you’ll be happy to hear, it’s a more general breakdown of government functions. Parliament intends to pass a spending bill before October 1st to pay the government’s operating costs, but instead “often turns into a temporary and ongoing resolution.” .. It was only one-third.

Yes, you read that right. They just can’t come up with a new way to spend fictitious money to show favor to voters, so they just autopilot it. From $ 6 a day in 1789, he’s earned over $ 200,000 a year (some of the nice things they’ve given are inflation, but still, $ 1,500 a year in 1815 is just $ 1,500 a year with today’s money. It was $ 21,000).

On December 2, the New York Times said, “Parliament approves spending bills and avoids government closure / vote to fund government until mid-February forces legislators to close vaccination obligations It was done after stopping the Republican threat of doing it. ” So it was a member of the Republican Party, probably a violator of the law. Technically, the House of Representatives voted for 221-212 with only one Republican “agree”, but 19 GOP senators joined all Democrats and went “yes, any man.”

Now, I’m not really in favor of losing government funding if the opponent wins the vote. It looks grumpy. Ideally, you win the vote and then modify your budget. Unfortunately, the odds of the former seem to be much better than the latter. So, despite the heroic visionary actions to stop the disaster until a few weeks before Christmas, the debt crisis continues. I never imagined it.

CNBC reported in mid-November as if it were the most normal thing in the world. Perhaps now, the Treasury Secretary has saved, “The United States has announced that it will reach its debt limit on December 15th, almost two weeks late. Her first forecast for December 3rd.” “These additional 12 days will give Congress more time to reach an agreement on how to lift or suspend debt caps” or “The US Government will be the default for the first time.”

Instead, you will notice and face the crisis of spending and borrowing. Instead, in another political act that would have surprised Elder Kato, legislators had previously “passed a temporary debt cap increase in early October” and “democratic do”. That is part of the list and year. “

Is avoiding bankruptcy a “small part” of the monumental to-do list, and will the rest cause it? In my memory, the US dollar was a rock. Today, the headline for improvisation of hair on fire to stop ruin is a daily occurrence. Is this Friedonia?

It doesn’t mean that someone else should be self-righteous. In Canada, there is no debt-ceiling crisis due to the lack of debt caps, and there is no confrontation over government funding because incumbents are free to spend without stupid old budgets.

just kidding. It’s not about the budget. About the debt limit. I have. What incumbents can grow freely without stupid old turmoil. Because no one cares.

We all think there is a free lunch served in the government canteen. Otherwise, one day the ceiling will collapse and it’s too late to talk about the obvious cracks.

The views expressed in this article are those of the author and do not necessarily reflect the views of The Epoch Times.

John Robson


John Robson is a documentary filmmaker, National Post columnist, Dorchester Review contributor editor, and Executive Director of Climate Discussion Nexus. His latest documentary is “Environment: True Story”.