ARGUING YES
Mark Zandi
Chief Economist
at Moody’s Analytics
ARGUING NO
Parker Sheppard
Director for Center of Data Analysis
at The Heritage Foundation
Here is what we have in store this week:
• We take on the debt ceiling debate that matters to every American
• A closer look at how much the US’s debt has grown
• Your Sunday reading list
Lost jobs and benefits, lowered ratings, disrupted federal services, another recession. All of this could happen — and potentially more — if the US ever defaults when the government doesn’t lift the debt ceiling.
So the question is: why do we even use the debt ceiling, and should Congress do away with it altogether? Those who argue “yes” say it is embroiled in continuous political drama and a threat to the global economy every few years. Those who argue “no” say it helps keep lawmakers accountable for government spending.
What’s at stake? Millions of social security checks and veterans’ benefits will be hanging in the balance, not to mention a potential recession that affects everyone. Now, the US hit the $31.4 trillion limit, which is a lot of debt to pay.
What’s next? The discussion will start all over again in 2025.
Today, we debate the question: Should Congress Abolish the Debt Ceiling? Mark Zandi, who is arguing “YES,” is the chief economist at Moody’s Analytics. Arguing “NO” is Parker Sheppard, the director of the Heritage Foundation’s Center for Data Analysis. Both have years of expertise in watching the economy and have both testified to Congress about which directions they feel the country’s budgets should go.
Listen to the full episode here. And as always, tell us what you think.
DEBATING THE DATA
The Level of National Debt Today
POINT/COUNTERPOINT
Should Congress Abolish the Debt Ceiling?
YES:
“We’re not on a sustainable fiscal path, but the debt limit is not helping… when you hurt the economy, you hurt our fiscal situation, you make the ability for us to address our long term problems even more significant.”
Mark Zandi
NO:
“Every time we come close to the debt ceiling, it is an opportunity for Congress to incorporate new information about the state of the economy, adjust plans for spending, and revise them to try to keep that going back to a sustainable path.”
Parker Sheppard
WEEKLY POINTS OF VIEW
Biden’s underrated deal-making prowess strikes again
Jennifer Rubin | May 30, 2023
The Washington Post
Watch Jennifer’s debate on blaming the elites for the Trump phenomenon
Will the US Default on Its Debt? – Part 3
James Rickards | May 27, 2023
Daily Reckoning Australia
Watch James’s debate on betting on America
NAACP Florida Travel Advisory a Stupid Smear
Rich Lowry | May 26, 2023
National Review
Watch Rich’s debate on giving undocumented immigrants a path to citizenship
It is long past time to break Tommy Tuberville’s hold on military promotions
Dov Zakheim | May 26, 2023
The Hill
Watch Dov’s debate on defeating ISIS
