Americans have a seriously messed up understanding of the debt ceiling

The Wall Street Journal reported that its poll vis-à-vis raising the debt limit indicated that "[f]orty-five percent of respondents said they didn't favor Congress lifting the debt ceiling, while some 44% favor raising it."  A toss-up?  Really?

What is the "debt limit"?  It is a statutory constraint limiting the amount of money the Treasury may borrow to fund federal operations.  Federal debt increases when total expenditures exceed total
receipts (producing a budget deficit).  That has happened in 21 of the last 22 years starting in 2001.

This is not a political party thing; it is life or death for the USA.

In the last 22 years: 

Population increased 18% over 22 years — about 1%/year.

Average increase of inflation-adjusted wages was 13% over 22 years — about 0.5% per year.

The increase of federal debt over the last 22 years was 543%, or about 25%/year.


Let's repeat that so that it might sink in: over the last 22 years, our population has grown about 1% a year.  Our wages about 0.5% per year.  But our government spending has increased an average of 25% a year?  How can that be?  Why aren't we broke?  Just a matter of time?

We try to deny Mother Nature every chance we get.  We think our brains are much bigger than they really are.  We think we can fool Mother Nature and always have good times with no bad times.  Well, as Mother Nature uses gravity to pull us into the grave, surely, she will show us our folly of wild government spending.  So many patriots have given their all to build a unique Constitutional Republic.  It truly seems a shame that those with little character can bring it down so easily.

Image: pasja1000 via Pixabay, Pixabay License.

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