Belligerent spending is a congressional addiction

Source: Orange County Register
by Veronique de Rugy

“After 15 failed attempts, California Rep. Kevin McCarthy finally secured the House speakership. Many worry that the concessions McCarthy made to secure his victory — especially commitments to restrain government spending — make the upcoming prospect of raising the debt ceiling perilous. Indeed, some fear that Republicans will refuse to raise the limit if it isn’t paired with restraints on spending. These worries fail to consider the potential financial danger the U.S. will eventually face if government debt continues to balloon unrestrained. … Every dollar spent by government is a dollar’s worth of resources drained away from the private sector, from household consumption and from private businesses. When paid for with taxes, government spends with some semblance of responsibility because it’s not running up a credit card bill to be handed to future generations. But use of the debt credit card encourages spending that a responsible government would avoid.” (01/12/23)