The debt ceiling is used to take the country hostage demanding spending cuts as ransom. Cutting through the noise, we discuss how it works and possible solutions.
Thank you, Lee. I never understood the concept of the debt ceiling. I have a much better handle on it now.
Hi Lee, we enjoyed your thoughtful discussion about the debt ceiling controversy! Keep up the good work. Byron and Ann Beasley
Thanks Lee. Looks like the "sub headline" has the only answer I'll get: "a lack of political will and time".
I don't know the answer for sure, but I'd guess that even though Democrats controlled both houses of Congress they wouldn't have been able to overcome the filibuster in the Senate. Maybe they could have used the budget reconciliation process, which avoids the filibuster, but then there would have been cries about taking action in a partisan way, not that should have stopped them imho.
There was a NY Times article on this issue in December, but it doesn't really give a definitive answer either. It is at https://www.nytimes.com/2022/12/09/us/politics/congress-debt-ceiling.html.
I can't remember who it was now, perhaps Paul Krugman, but someone was advocating raising the debt ceiling before the end of the 117th congress, while Democrats still controlled both houses and the presidency. This seemed like a reasonable idea to me, but I never saw much more about it and it clearly did not happen. There must be a reason why not, and maybe even a good one, but I don't know what it is ... I was hoping you would tell us. I confess I did not read the references before posting and I'll try to do that now ... but I thought I'd ask in case you have the answer on the tip of your tongue.
Really nice "win-win democracy" civics lesson - just two thoughts. First, what is the best way ("Litmus Test") to distinguish responsible from irresponsible behaviors of the actors involved? Second, what are the best models of the complex economy that help one think about alternative scenarios with increasing debt and decreasing debt? No answer expected, but exploring these might be interesting topics for future postings. Also, great also that you are starting to use AI to help you on the WWD mission. Fantastic! What would we all prioritize to work on, if we had 100 digital workers to help us get the work done in hours instead of weeks?