Betsey Stevenson: 'When you head out for vacation, realize that Congress likely blew more taxpayer dollars on political fighting than they have appropriated to the National Park Service over the past five years.'
. The real losers from the 2023 debt deal are American taxpayers, who can expect a similar debt standoff, with all of its costs, in two years if we still have a divided government then.
It is never going to be possible for the United States to fully default on its debt. Ultimately, it will need to be paid. Taxpayers should want to pay as little as possible for that debt, and that requires keeping borrowing costs low. The way to keep borrowing costs low is to end the debt ceiling. Some people will object to this because they fear that it will lead to an ever-exploding national debt burden. But the debt ceiling is currently only used to provide the minority political party the leverage necessary to get their priorities passed.was to curtail spending only slightly and to lower tax revenue by removing funding for the I.R.S.
A better debt ceiling would be one that triggered automatic tax increases and spending cuts unless a better plan is made by Congress. Ultimately a more responsible fiscal plan for the United States will need specific changes to spending and revenue to ensure that fiscal policy is both responsible and reflects the spending priorities of the American people.
It’s long past time for policymakers to abandon debt ceiling shenanigans permanently and concentrate on responsible fiscal policymaking. Lawmakers across the aisle claim to want a stronger, more stable economy — but manufactured debt crises achieve the exact opposite.is an economist and a professor of economics and public policy at the University of Michigan. She served as a member of the Council of Economic Advisers from 2013 to 2015.
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