In the same way that a short note sometimes turns into a long post, this week’s plan for a featured post has turned into the first of a series. Or actually the second: Now that I see the series, I recognize “The Debt Ceiling: a (p)review” as the first.
My motive is that I’m tired and depressed by the low quality of public discussion about deficits and the debt. We throw back and forth talking points about “maxxing out the national credit card” and “refusing to pay our bills” without ever thinking deeply about why we owe $32 trillion, whether a (still growing) debt that size will eventually cause any problems, and (if we decide that it is a problem) what options we have for doing something about it.
I suspect that (pending research I haven’t done yet), I’m not far from where Joe Biden is: He wants to come to some long-term agreement about fiscal policy, rather than keep governing through a series of continuing resolutions and omnibus spending bills. But he knows he can’t have that conversation while Kevin McCarthy’s finger hovers over the economy’s self-destruct button.
Anyway, today’s featured post was originally supposed to be a few paragraphs about how we accumulated this debt. But the history of the national debt turns out to be an interesting topic in its own right, providing insight into how fiscal policy has intersected with the rest of American history. (I’ll bet you didn’t know the role the San Francisco Earthquake played in the creation of the Federal Reserve.) “How did we get $32 trillion in debt?” still needs some work, so I’ll predict it shows up about 11 EST.
The weekly summary includes a discussion of police reform following Tyre Nichols’ murder (that also threatened to turn into a featured post), the House vote to kick Ilhan Omar off the Foreign Affairs Committee, the ridiculous panic over the Chinese spy balloon, January’s surprisingly strong jobs report, and a few other things. It should show up a little after noon.