Wouldn’t it be neat if, when you ran out of money, you could just declare your budget limits to no longer be an issue and then simply get more credit cards to fund your lifestyle?
It’s a ridiculous notion, but that’s essentially what just happened.
When President Trump struck a debt deal with the Democrats last week, the so-called debt ceiling — which was already routinely being raised when we ran out of money — was just permanently removed.
And, surprise, surprise, our national debt jumped another 15 billion to cross over the 20 trillion mark for the first time ever.
But as Margaret Thatcher is oft-quoted about socialism, ‘eventually you run out of other people’s money’.
And though the Treasury is simply printing more as we need it, those chickens must necessarily come home to roost sooner or later.
Here’s more from Newsmax…
The national debt has exceeded $20 trillion for the first time ever — rising the same day President Donald Trump signed a bill into law suspending the debt ceiling and allowing unlimited federal borrowing.
The debt ceiling had been frozen at about $19.84 trillion since mid-March, and the Treasury Department was forced to use “extraordinary measures” to prevent borrowing from exceeding that level, the Washington Examiner reported.
The new law allows regular borrowing. Treasury released the new $20.1 trillion figure Monday.
“Surpassing $20 trillion in debt is the latest indicator of our nation’s dire fiscal condition,” Michael Peterson, president and CEO of the fiscally conservative Peter G. Peterson Foundation, told The Hill.
The debt burden would lead the government to spend $6 trillion on interest over the next decade, and “That’s more than we will invest in our kids,” Peterson said.
“So, in effect, we have decided to spend more on our past than on our future,” he said.
Republican Study Committee Chairman Mark Walker, R-N.C., told The Hill that before Congress agrees to increase the debt limit again, “it is imperative we pass new laws that will change this disturbing trend instead of ignoring the root cause of our nation’s debt problems.”