Coverage of President Biden and Congress’ fight over raising the debt limit has focused largely on the politics, negotiating strategies, and (the very real) dangers of default.
But lost in the debate has been the real problem: the unsustainable deluge of red ink that is forcing Congress to raise the debt limit for the 20th time in the past 20 years.
In fact, since the last major debt limit fight in 2011, the national debt has more than doubled, from $15 trillion to $31 trillion. That is in just 12 years.
This recent $16 trillion debt surge has been bipartisan.
The $3 trillion in mostly justified pandemic relief was largely unavoidable.
Continue reading the entire piece here at the New York Post
______________________
Brian M. Riedl is a senior fellow at the Manhattan Institute. Follow him on Twitter here.
Photo by Douglas Rissing/iStock