Why do we go through this insanity in the #UnitedStates 🇺🇸‽ The #DebtCeiling debate is an endless facade to make the party in power seem irresponsible & the party out of power stubborn.
Until #America reduces the cost of #SocialSecurity, #Military & #Healthcare (#Medicare & #Medicaid) then we will forever increase the limit.
👉🏾 The US just hit the debt limit. What happens now? https://www.vox.com/policy-and-politics/2023/1/19/23561214/debt-limit-ceiling-extraordinary-measures-treasury-default
@darnell The “#DebtCeiling” is a misnomer. It is money we already agreed to spend via passed bills.
Yet, we allow politicians to exploit this weakness in 🇺🇸 governance for hostage-taking.
https://en.wikipedia.org/wiki/United_States_debt_ceiling?wprov=sfti1
Not quite.
It's money that Congress *authorized* the Executive Branch to spend if possible, based on projections of tax collections vs project costs throughout the following year or so.
It was not money we agreed to spend as that's an executive branch action that happens over time.
It's really important to realize this difference as it's at the crux of the debt ceiling debate.
Congress authorized the spending of money that didn't exist, which constrains the budget. It didn't and couldn't have agreed to spend that money. Because, again, it didn't exist.
Robert Reich really went off the deep end a few years back, to the point where he is not particularly reliable at all these days.
In this video he's saying a lot of thing that are flat out wrong compared to US law.
The US is legally barred from defaulting. Such a choice would run contrary to the Constitution, and any debtor would have the right to receive payment ahead of other expenditures.
What Reich says here is easily debunkable by reference to the laws of the country.
We really need to call out the guy more, since he's so consistently spreading false information these days.
