Congress has just raised the federal debt “ceiling” to $14.3 trillion.
Yes, it’s called a “ceiling,” though I cannot recall seeing any other ceiling so adjustable.
The Associated Press reassures us: The new ceiling means that congressmen won’t have to pass an even higher ceiling until after November. According to the AP, if Congress had to raise the debt limit too close to the election, this would “[feed] a sense among voters that the government is spending too much and putting future generations under a mountain of debt to do it.”
“Feed a sense”? Yes, committing fiscal crime in broad daylight might serve to “feed a sense” that the crime is in fact being committed.
Meanwhile, Moody’s, the Wall Street credit agency, warns that the U.S. is at risk of losing its triple-A credit rating. The federal government must stop its fashionable trillion-dollar annual deficits. But Moody’s also proclaims to understand why the government has run these trillion-dollar deficits. Seeing as how we’re in a recession, it would be politically tough to trim budgets right now.
Let me get this straight. If you’ve been taking on way too much debt, the best solution to the problem is to borrow money even faster and even more irresponsibly? But only for now? Then kick the habit later . . . when it’s suddenly real easy?
No, I don’t think so. Try again, Moody’s.
This is Common Sense. I’m Paul Jacob.