Political Thoughts

Source: David Friedman’s Substack
by David Friedman

Practically everyone in our political system is in favor of compromise, at least for other people. I have two alternative compromises to suggest for dealing with the current debt ceiling controversy. 1: The Republicans think the budget should be balanced. The Democrats think the debt ceiling should be raised. The obvious compromise is for the administration to agree to cut expenditure by half the current deficit, the House to agree to raise the debt ceiling by the same amount. Alternatively … 2. Both sides agree to reduce spending by twenty-three percent, eliminating the deficit. There remains the question, ignored in my first proposal, of how the cuts are to be made, what will be funded by how much. The House gets to allocate half of the cuts, then the President gets to allocate the other half.” (05/17/23)