Debt Limits and Spending

The Congressional Budget Office is out with its projection for our nation’s economic future.

As for the much-discussed federal debt, the nearby chart shows how fast it has grown in the last several years. Debt held by the public—the kind we have to pay back to creditors like the Chinese and Japanese based on contracts—is now 97% of the economy, and will soon rise to 100% and keep going to 118.2% in 2033. How high can it go before creditors stop lending? No one knows, but it will be ugly if they do.

Here is that nearby chart:

Debt Ceiling “Negotiating”

In a Wall Street Journal op-ed centered on ways to “save” Social Security and Medicare, Progressive Policy Institute‘s Director of the Center for Funding America’s Future, Ben Ritz, opened with this bit for his lede:

The Biden administration has sensibly rejected attempts by some far-right Republicans to hold the full faith and credit of the US hostage in exchange for spending cuts. The administration now must show it will be open to good-faith budget negotiations after the impasse over the federal debt limit is resolved.

Leave it to a Left-winger to say, once again, “Trust us.”


In a Fox News article centered on Congressman Chip Roy’s (D, TX) proposed legislation that would bar Federal funds from going to schools that teach critical race theory (the foolishness doesn’t deserve capitalization), Cato Institute’s Colleen Hroncich had this in objecting to Roy’s proposal:

For starters, the federal government has no constitutional role in education[.]

Plainly, the Federal government does have a role, Constitutional or otherwise, in education—hence the existence of those federal funds to schools that Roy’s proposal would block.

Alternatively, Hroncich is correct, and all Federal funds transfers to schools should stop.

Federal Debt Ceiling

The Progressive-Democratic Party says they’ll refuse to negotiate on raising the debt ceiling. Not at all. Those politicians are looking to hold our nation’s weal and our national security hostage against their demand to spend, spend, spend.

Republican Party politicians—at least those in the House and some of them in the Senate—insist that the debt ceiling can’t be raised without agreement on spending cuts in the next and subsequent budgets: not agreement to talk about cuts, but actual, specific cuts.

These Leftist politicians insist that the debt ceiling is solely about current bills that must be paid and that future spending questions—cuts or otherwise—are separate questions and must be negotiated separately. This is badly mistaken.

Rules and Defense Spending Cuts

The House—in particular, the majority Republicans—along with too many so-called defense journalists are having trouble with a rule that potentially leads to defense spending cuts, a particular anathema in today’s environment of a Russia at war and a People’s Republic of China threatening war.

However, the fact is defense spending has always been vulnerable to cuts, particularly by the Progressive-Democratic Party and its predecessor Democratic Party. The proposed rule just makes the potential explicitly stated. But it does not mandate defense spending cuts; it mandates spending cuts in one (or more) places if there are to be spending increases in other places. Quoting from the proposed rules:

This is Why

Georgia recently won a court case in which the Biden administration had—illegally, as it turns out—blocked its program to expand Medicaid eligibility to individuals making up to 100% of the federal poverty line ($13,590 for singles) while conditioning benefits on working, going to school, or volunteering 80 hours a month.

However, under the Families First Coronavirus Response Act of 2020, States are unable to remove able-bodied Medicaid folks—i.e., folks who are fully capable of working but who choose not to—from their Medicaid rolls as long as the Wuhan Virus emergency remains in effect. The CDC conveniently continues to extend that “emergency,” even though no less a light than our Progressive-Democrat President, Joe Biden, has said the emergency is over.


Federal Reserve Chairman Jerome Powell had this to say about handling the burgeoning inflation extant in today’s American economy:

Slowing demand growth should allow supply to catch up with demand and restore the balance that will yield stable prices over time.

It’s impressive that a government official as steeped in economics as Powell is has such a deep misunderstanding of the situation.

It’s not a matter of slowing demand growth, it’s a matter of slowing government demand growth. The private economy, especially when it’s not competing with government for goods and services—and for the inputs to those goods and services—will easily and efficiently take care of itself, with changing supply and demand comprising self-correcting stabilizers on our economy.

They Should Take Him Up on His Offer

Many California local jurisdiction officials dispute with California Governor Gavin Newsom (D) over which has the larger responsibility for the homelessness rampant in those jurisdictions and what action should be taken to mitigate the problem. As a result of the dispute,

Mr Newsom recently put a temporary freeze on $1 billion of state grants for city and county homelessness programs. He also rejected a slate of proposals from local officials outlining how they would spend the money, saying the measures would have reduced homelessness statewide by 2% between 2020 and 2024, which he deemed inadequate.

In response,

NASA Finally Got It Off

After two failed launch efforts, canceled due to hydrogen leaks during fueling, NASA finally got its Lockheed Martin Corp-built Artemis I to launch Wednesday morning on its multiple-week mission to the moon and back.

But not until after another hydrogen leak had to be fixed.

On Tuesday, NASA’s launch team for Artemis I was able to fuel the SLS liquid hydrogen tank relatively easily. A valve used to top off the tank, however, later began leaking, prompting the agency to send a so-called “red crew” of three people out to the launchpad to tighten the valve’s bolts.

DHS Responsiveness

House Republicans have put Department of Homeland Security management on notice to hold onto a variety of data; they’ll be investing the department if they win a majority of the House this Tuesday (and the out-days of vote “counting”).

House Oversight and Reform Committee Ranking Member Congressman James Comer (R, LA) has warned Department of Homeland Security Secretary Alejandro Mayorkas that Republicans would seek to hold him and his agency accountable for the ongoing crisis at the southern border should they win in next week’s midterm elections.
“We cannot endure another year of the Biden Administration’s failed border policies,” Comer and his fellow committee Republicans wrote to Mayorkas, per the Washington Times. “We have written DHS fifteen times this Congress to conduct oversight over the border crisis. Again, we request documents and information to understand the Biden Administration’s plans, if any, to secure the border.”