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You folks know other countries don't do this silliness right? They don't have an arbitrary debt ceiling they have to constantly raise or else the government go
by Pxtl 3y ago
You folks know other countries don't do this silliness right? They don't have an arbitrary debt ceiling they have to constantly raise or else the government goes into torpor? That's just an Americans thing.
Also, did The Economist write an article like this when Trump was doing his "big, beautiful tax cut" or does it only matter when Democrats are in power?
- sokoloff 3y agoThere was indeed an anti-GOP article on the debt ceiling in late Nov 2016: https://www.economist.com/free-exchange/2016/11/22/the-hole-at-the-heart-of-economics https://www.economist.com/free-exchange/2016/11/22/the-hole-...
- School-Cotton 3y ago> You folks know other countries don't do this silliness right? They don't have an arbitrary debt ceiling they have to constantly raise or else the government goes into torpor? That's just an Americans thing. The article says exactly this.
- s3r3nity 3y agoYeah that's what leads to situations like the Greek debt crisis [1]. You can't just rack up debt forever, and just assume that we'll pay it back later WITH INTEREST. You also can't just "cancel" debt; the bill eventually comes due. [1] https://en.wikipedia.org/wiki/Greek_government-debt_crisis https://en.wikipedia.org/wiki/Greek_government-debt_crisis
- disgruntledphd2 3y agoThe Greeks didn't have their own money printer though, which makes this situation quite different.
- bediger4000 3y agoIt only matters when Democrats are president.
- N1H1L 3y agoYep.