Economists Radhika Desai and Michael Roberts discuss the US debt ceiling deal reached by President Joe Biden and the Republican opposition, and what it means...
Hopefully the whole debacle will focus people’s minds on the real problem. The US government is spending more than it is taking in, and that’s a problem with only 2 possible solutions (continuing to raise the debt ceiling doesn’t count as a solution). We must reduce spending or increase revenue by raising taxes. There is nothing else to discuss… kicking the can down the road only hurts us more in the long run.
Hopefully the whole debacle will focus people’s minds on the real problem. The US government is spending more than it is taking in, and that’s a problem with only 2 possible solutions (continuing to raise the debt ceiling doesn’t count as a solution). We must reduce spending or increase revenue by raising taxes. There is nothing else to discuss… kicking the can down the road only hurts us more in the long run.
I recommend actually watching the video linked in the submission.