I’ve been meaning to write for some time about how the debt ceiling standoff this time is going to be resolved, but now that Secretary Yellen has said the Treasury could run out of cash by June 1 and President Biden has announced that he plans to meet Speaker McCarthy on May 9, I realized that I can’t wait any longer.
Of course, when our political system eventually deals with the deficit, it will have to be combination of a tax increase coupled with some kind of entitlement reforms -- the kind of deal came close to being struck in 2011, but wasn't. Except in the future, much more will have to be done. I wish I could tell you when....
Thanks for your insight on this confusing (for me) situation. I always feel my IQ has increased a little every time I read on of your articles.
Perhaps a tax increase is at least part of the solution, but we seem quite committed in the opposite direction.
Of course, when our political system eventually deals with the deficit, it will have to be combination of a tax increase coupled with some kind of entitlement reforms -- the kind of deal came close to being struck in 2011, but wasn't. Except in the future, much more will have to be done. I wish I could tell you when....
Excellent.
I sure hope the right people are reading this! Clearly, the best solution for the moment.