This is drivel, drivel in disagreement with drivel; my short sermon to you, my members of a silent choir in a forgotten cathedral. We had a good run; we tried, and volumes of history will be written in Red, White and Blue ink.
Our dear leaders are nearly finished yelling at each other for the time being, and have settled on a course of action which will allow them to continue on toward catastrophe. Republicans cheer for fiscal responsibility; fiscal responsibility is confused, because he was not invited to the party. Democrats decry the impending doom the Republicans have wrought this term, ignoring the centuries of proud expansion and deficit spending which have brought us to our fate.
Here’s the problem: borrowing is only right when you can pay back your creditors. US policy is to fund our debt payments with additional debt. Tax revenues, even vastly increased tax revenues, cannot pay back the present debt. Growing that debt more slowly is not a solution; if the federal government can’t pay its bills without perpetual borrowing now, how is it supposed to pay those bills later? At some point, some creditors must be left holding the bag.
But our elected representatives provide us with political theater in the meantime. They’ve agreed to “cut” the deficit by $2.3 trillion over the course of the next decade or so. In order to do this, the debt ceiling must be increased $2.1 trillion dollars. I am not sure how the latter can possibly lead to the former… but I am certain that greater problems are ahead, and that there’s a limit to how much debt our government can issue before there’s nobody left to buy it.