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Does the Debt Ceiling Really Matter? Does Anyone Care About Balancing the Budget?
Manage episode 364331331 series 3392534
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Adam and Jeff discuss the always popular battles that occur on Capitol Hill every year or so about increasing the debt ceiling. Although the debt ceiling was created to require Congress to go on record to approve ever-greater spending, it does not seem to have deterred too many politicians from larding up the system. Adam and Jeff believe drunken sailors are unfairly maligned as example of irresponsible spending when they in fact do not spend more money than they have on hand whereas the geniuses that run the federal government do not let such mundane issues as the amount of revenues received constrain their profligate ways. They also talk about the true peril posed by ever-increasing deficit spending--the huge increases in the costs of financing the national debt. They also express concern about the proposed creation of a national digital currency which would enable the powers-that-be to monitor every financial transaction carried out by every individual and--not surprisingly--tax every such transaction.
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