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Debt Ceiling Is A Cliff Raising It

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The Longer We Wait, The Harder We Fall

On Friday, October 15, 2021, U.S. President Joe Biden signed legislation raising the government’s borrowing limit to $28.9 trillion. Many Americans are now accustomed to this recurring bureaucratic process and don’t think much of it or its consequences. Two sides fight, they get close to a deadline (and sometimes pass it!) and eventually raise the “debt ceiling” so they can fight over it again some months later.

We Americans, as a collective and a government, are deciding to delay paying our bills. At an individual level, we understand what happens when we don’t pay our own bills. But what happens when the most powerful nation today stops paying bills? To understand the effects of this — and how we got here in the first place — we need to study history. Let’s start with a simple short-term debt cycle.

First published here

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