LETTER: Spending and the debt ceiling
A credit card analogy.
January 26, 2023 - 9:01 pm
In response to Jim Graham’s Saturday letter to the Review-Journal, I would like to point out that there are few things he got right in his rendering of the debt ceiling argument. It has everything to do with spending. Let me do the math.
If I have a credit card with a charge limit of $5,000 at, say, an interest rate of 22 percent, and I spend all of that $5,000, I am responsible for paying off that debt, am I not? So say I request to raise that credit limit because I want to buy more goods. That means I want to spend more. So the credit card company raises my limit to $10.000, my debt goes up and — most likely — so does my interest rate. Does my responsibility to pay off that debt still exist? Of course it does. So if you raise the debt ceiling, it is allowing more spending and giving Democrats more options to include more and more pork spending in the federal budget.
That’s the big problem We need to cut spending, not raise our ability to keep increasing the deficit by adding unnecessary pork to appease the left’s out-of-hand government spending sprees.