The Debt “Ceiling” is Unconstitutional

apples v oranges comparison.

I totally agree with you on that.
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I don’t recall anyone pretending that, and that certainly wasn’t in the OP.

Yes, and then Congress passes budget and appropriations laws that exceed the debt limit (by virtue of spending more than revenue), and therefore supersede the debt limit, so either the limit is abrogated or the appropriations are illegal.

SCOTUS overturns unconstitutional law all the time, and if you haven’t noticed the current Court doesn’t give a sh*t about precedent anyway.

Agree, but that’s a long term solution to an imminent problem.

 

Executive can only spend what Congress authorized and funded. Congress added that debt, not Biden.

 

But lack of national credibility can make what is in your bank a lot less valuable.

 

Let's address the 'limit is abrogated' or the 'appropriations are illegal' aspect first. Not necessarily. Every company budgets for a yearly, a quarterly, etc and in those budgets are called estimates' and the spending is mapped out based on these estimates. The first rule of finance is that nothing's assured. So while Congress can set a debt limit, whether Congress exceeds it or not, depends on the revenue factor, etc that is pretty much unquanifiable(hence: estimates), they may make more or less based on the unknown variables of not only taxation, but revenue growth via economic production.

But the government isn't doing anything illegal(for once), it's just educated guess work.

Also if the debt limit itself is unconstitutional, then so too would any federal budget be unconstitutional. The only reason for making an 'unconstitutional' argument, as others have highlighted is frustration on the lack of increased spending. I too am frustrated with CR(continuing resolutions) but I won't make the contentious and dubious argument over its constitutionality.

Instead, i believe we should hold our elected officials to the fire of an actual budget, which constrains spending and therefore won't approach the limit.

 

Somehow I got the idea that it was Biden who wanted to increase the IRS size by 87,000 employees....

Sometimes people are too dependent and insecure to say "Hell No!". That will be especially true if it means rejecting the political will of your party.

 

Spending is always, always, always limited by what Congress approves. That is the limit. Article I. If Congress didn’t authorize it, the president can’t spend it.

 

If you are saying the deficit is merely a result of bad estimates on what the tax revenue will be, then you are wrong and that position is untenable.

Huh? Article I gives Congress the power to set a budget.

It’s a good idea, but it does not address the immediate dilemma.

 

Maybe he did, I don’t know, but he can’t do it with money that Congress has not authorized.

Well in 2016 Americans proved they are too weak and scared to vote third party, so here we are and here we stay.

 

Of course.

 

It can have an effect on exchange rates but it doesn't affect of the domestic value of the dollar. Government expanding the money supply does that.

 

Wrong. One guess as to what year the Bipartisan Budget Act of 2019 was passed. On top of that, all government spending is authorized by Congress in appropriations bills. Government can’t spend money without those. Congress effectively sets the budget via those bills, and they know when they are spending more than is available from taxes.

And you are a fool for thinking the suffering would be short term.

 

That would only affect new debt, not the existing debt that was taken on at the lower interest rates. Which brings me back to my point from the beginning: control deficit spending in the budget and appropriations bills, not with an artificial debt limit.

 

If nobody wants US dollars except Americans, your dollars are worth less, even within America.

 

Then there is no reason for you to worry about the dollar.

 

Any realistic evaluation of the financial condition of the government has to include expenditures that aren't part of the budget, what's called "Unfunded liabilities".
These are truly liabilities that will fall on our future generations.

In 2001, that debt was $6.5 trillion, about 61% of GDP.

By 2011, it had grown to $14,8 trillion, or 95% of GDP.

By 2012 it had grown to $29.9 trillion, or 128% of GDP.

Unfunded Liabilities are financial commitments made without provision to fund them. Pensions for government employees, military, etc.

Like the chickens coming home to roost- these liabilities will come due too, and the government will shuffle entitlements and tax everything again and again to meet them.
They will no doubt default on the honor and trust of the people over and over- by cutting the benefits of things like social and medicare, which the people paid for in advance and are fully entitled to.

Good management simply looks to the future and manages for the long-term. It does this with tools like efficiency, frugality, honor and fidelity.

No business could survive managing at the performance level of government, it would fail. The principle applies to bad management on any level. The scale varies, in that a huge operation takes longer to destroy itself than a smaller one- but the outcome is the same.