Reality is, the ceiling is meaningless. It is the growing debt crisis that matters. With the higher interest rates, the cost of servicing that debt is quickly becoming a much larger share of our entire budget. Interest on debt is currently 4th largest budget item. Next year it will likely surpass Defense spending for 3rd. All our elected leaders will feign surprise when it all blows up.
Reality is, the ceiling is meaningless. It is the growing debt crisis that matters. With the higher interest rates, the cost of servicing that debt is quickly becoming a much larger share of our entire budget. Interest on debt is currently 4th largest budget item. Next year it will likely surpass Defense spending for 3rd. All our elected leaders will feign surprise when it all blows up.
ReplyDeleteProblem is politicians face ZERO repercussions
ReplyDelete