Debt Ceiling Sense

Brian Wesbury, one of the best economic forecasters and market economists actively engaged in the public discourse (IMHO), gives a cogent argument in favor of using the debt-ceiling limitation as leverage to extract significant spending reductions in the federal budget. He takes down the typical fear-based arguments that the reflexive debt-ceiling raisers put forth. This is from a guest appearance at a DC Tea Party event. Brian comes in at about 26min, 20sec. I very much agree with all of what BW says in this video. It should be further emphasized that the goal has to be actual, tangible reductions in spending, not some chimera as a "balanced budget amendment." The debt ceiling is a balanced budget amendment, it just needs to actually be enforced and allowed to be, like ya' know, a ceiling. Trust us (Brian and I) when we tell you that Democrats and moderate Republicans in no way, shape or form are arguing for raising the ceiling out of a concern for the well-being of the country. A big and growing federal budget is the most effective campaign effort and a near perpetual-motion-machine of incumbency from a practical perspective. From an ideological perspective, particularly for the Democrats but for both parties, an enforced debt ceiling puts nearly every "Great Society" notion and achievement of the 20th century at peril of collapse. A century's worth of advance for a "cradle to grave" state apparatus, gone in a fleeting moment.