Hello everybody and thank you for tuning in to the weekly report,

debt ceiling, hysteria and hypocrisy. This week the US government reached its 31.4 trillion

dollars borrowing limit, better known as the debt ceiling. This led to a showdown among House

Republicans, President Biden and Congressional Democrat. House Republicans are demanding that

President Biden and Senate Democrats agree to include spending cuts with the debt ceiling

increase. However, President Biden and the Congressional Democrats are refusing to negotiate

with Republicans. Rather, they and their allies in the mainstream media are lambasting Republicans

for their air responsibility and seeking to include spending cuts with an increase in the debt

ceiling. America's national debt is approximately 122% of the gross domestic product,

meaning the government owes more than the population produces.

Interest payments on the national debt follow in size behind other federal budget big spending

areas of social security, Medicare and defense. While interest payments are made, the national debt

continues to grow each year. Government spending steals resources from the private sector.

Thus, there is less capital available for private businesses to grow and create new jobs.

Government spending also contributes to price inflation and the declining value of the dollar as

the Federal Reserve monetizes the debt. One reason the Fed cannot allow interest rates to rise anywhere

near where they would be in a free market is that it would cause the federal government's interest

payments to rise to unsustainable levels. Considering these facts, it should be clear that the

irresponsible ones are those who think the government should increase its credit limit without

cutting spending. This is not to say that establishment Republicans, like House Speaker Kevin

McCarthy, are heroes of fiscal restraint. Rather, McCarthy, like most Republicans,

objected neither to increase spending nor to debt ceiling suspensions when Donald Trump was president.

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