Fortress America – The Only Alternative to Fiscal Ruin

June 23, 2023

by David Stockman LewRockwell.com

That didn’t take long. Twelve days after Biden signed the ballyhooed legislation unfreezing the nation’s $31.4 trillion debt ceiling, the public debt crossed the $32 trillion mark on June 16th. And that was only nine months after it crossed the $31 trillion level in October 2022.

[…] For that matter, by this date in 2033 the public debt is guaranteed to be above $55 trillion. The $1.5 trillion of alleged “cuts” in the McCarthy-Biden debt bill were phony as a $2 bill and won’t make a damn bit of difference to the $25 trillion of new public debt that is baked into the budgetary cake over the next decade.

Then again, who is counting, anyway?

Certainly, not anyone in Washington. The Dems never really cared very much about the debt and the GOP long ago forfeited its bone fides as an agent of fiscal rectitude. That happened when a perverted form of supply-sideism became an excuse for big tax cuts financed with large gulps of public debt.