Why Not Just Put the Entire Federal Budget on Credit?
The sequester is far too devastating for America to bear. Already the White House has had to stop giving tours, and who knows how it will escalate from there? Maybe next they'll cancel the Easter Egg Roll, or close the mineral exhibit at the Smithsonian. Or reduce operating hours at the Washington Monument bookstore. Soon there will be nothing left to do in D.C. but go to the visitors’ gallery at the Capitol building and shout at the politicians down below.
A mere $85 billion cut has caused all this agony, yet the federal deficit has been over $1 trillion for each of the past four years. Maybe it's time to admit we'll never stop running huge deficits. The majority of our spending comes from entitlements, and we can't cut those because people are, by definition, "entitled" to them. That means it doesn't matter what math and reason say, we have to continue to pay for them. Thus an increased national debt each year is inevitable. But so what?
Think about it: We're past $16 trillion in debt so far, and we're just fine. We have a pretty good scheme going to keep up the level of government we want: We take big loans from our children and then die before paying them back. And we have no reason to stop. What's the worst that has happened so far? America’s credit was downgraded. And that hurt us how? It's not like people are going to stop giving the federal government loans -- it has nukes. Plus, the president has asserted that he can take out anyone he wants with drone strikes whenever he feels like it ("Want to know who's on my secret kill list? I'll give you a hint: No one who loans us money."). So that brings us to the obvious question: Why not just put the entire federal budget on credit?
Are we just being suckers paying taxes? The point of taxes is that someone needs to pay our government’s bills, but considering the amount of debt we've run up with no problem, maybe that's not true. It seems unfair that the politicians see no reason to cut spending, but we have to keep paying taxes like the federal deficit actually means something. So why not give our economy a big stimulus and just put all government operations on credit? The debt ceiling will now just be whatever numbers we actually have words for.