The hottest talk of the day is the debt ceiling. I am reading all about it here. There is a limit of so much money that United States can borrow... Oh, and the debt ceiling was raised many times in the past to keep the government running... so why not lift it again?
Ok, if we keep lifting it, it is then meaningless. Why even have such (arbitrary) limit?
Come on, you can't keep borrowing. Imagine you don't make enough money and you keep using your credit card.
The unpopular remedies to this are simple: cut stuff or increase tax. Just like how you do your personal finance: stop buying things or make more money.
Here is what I propose: do BOTH, at least temporarily. Get the deficit down first! Yes, it will be unpopular but do it now is better than do it later.
If that limit is useless, take it out entirely.
2 comments:
What are your thoughts on the forces preventing the elimination of the limit entirely / raising the limit AND cutting spending? This may be trivial but I really haven't been following the news lately.
I haven't been following that closely either, but thanks for following my blog. Too much heated talk, too little agreements... this is called politics.
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