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Politicians Have Unlimited Authority to Spend and Borrow

I posted a piece about the national debt yesterday. Then I came across this tidbit of information.

Politicians have Unlimited Authority to Spend and Borrow

I posted a piece about the national debt yesterday. Then I came across this tidbit of information.

Legislation signed into law by President Donald Trump on 2/09/18 suspended our debt ceiling limit until 3/01/19, i.e., there is no statutory limit on our nation’s borrowing until then. The debt limit has been raised, temporarily extended or suspended 78 times since 1960*(source: Treasury Department).*

So, we just gave a spend happy bunch of politicians a credit card with no credit limit?

The debt ceiling was put into effect to place some control over politicians and their spending and borrowing. President Trump obviously slipped this one behind the curtain. Who in their right mind would ever give a spend happy Administration an open credit card with no credit limit? This explains the dramatic and quick increase in our national debt!

I can't remember if this quote is attributed to Trump or some other high roller but it goes something like this: "if you owe the bank a million dollars you got a problem. If you owe the bank ten million dollars the bank has the problem."

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