3 ms·
The US "Debt Ceiling" 101 1. Run up $10,000 on a credit card. 2. When sent a bill say, "I'm sorry my debt ceiling is $500 so I won't be paying you." For thos
by IndoorPatio 4y ago
The US "Debt Ceiling" 101
1. Run up $10,000 on a credit card.
2. When sent a bill say, "I'm sorry my debt ceiling is $500 so I won't be paying you."
For those concerned about the US budget deficit and/or the US debt there are 2 simple, non-mutually exclusive, solutions:
1. increase revenues, taxing the wealthy is efficient
2. pass a budget with less spending
- matheweis 4y agoThere are lots of other options, one of which is playing out before us: 3a. print large amounts of money, enough to cause significant inflation. 3b. wait long enough for inflation to have a significant effect on the real value of your currency 3c. congratulations, your currency is now worth less in real terms… but your debt has been effectively reduced by the same amount.