Does raising the debt ceiling pay off debt?

The government is no different than many regarding the transferring of debt from one source to another source with a higher credit limit to avoid a default, and ultimately spending more money because credit is available.

Mick Mulvaney, (former Congressman, Director of the Consumer Financial Protection Bureau, and former acting White House chief of staff under President Donald Trump) spells out in layman’s terms what the government is doing every time it raises the debt ceiling in an article recently published in “The Hill” titled “No, raising the debt ceiling is not about paying our bills.” Click here to read the complete article.

Anyone who has been stuck on the carousel of transferring credit card debt soon realizes that they are not making any real progress in returning to financial stability and decide to cut spending.  Isn’t it time that the U.S. Government got off the carousel to stop the insanity (doing the same thing over and over and expecting different results)?

Let your congressman/congresswoman know that it’s time to negotiate a workable solution (i.e., perhaps the Swiss Debt Brake) so the U.S. achieves a healthy GDP  vs. 1Q23 GDP of 1.1% and improves its Misery Index Score.