The New York Times editorial board seems to have rediscovered basic economics: excessive federal government borrowing is "Unsustainable." Thanks, Captain Obvious!
The Times released a July 5 editorial headlined, "America Is Living on Borrowed Money," admitting that the U.S. "Now borrows heavily during periods of economic growth to meet basic and ongoing obligations. It's increasingly unsustainable." In fact, per The Times, "By 2029, the government is on pace to spend more each year on interest than on national defense."
Despite admitting the glaring dangers of the government repeatedly maxing out its credit card and borrowing more, The Times still had the audacity to spin adding to the debt as a good thing in its first sentence: "The federal debt is as old as the nation, and adding to it is sometimes prudent."
The CBO report that The Times cited projected that by 2033, "Debt measured as a share of GDP would reach the highest level ever recorded in the United States and would be on track to rise even further." It was as if The Times was vigorously trying to undercut itself before it made its own case about how bad the federal borrowing situation is.
"Republicans evidently are not concerned about the debt. Every time they have had the opportunity in recent decades, they have passed tax cuts that force the government to borrow more money."
Ah, so the issue for The Times is that lessening tax burdens is a more of a problem for government borrowing than Washington D.C. routinely putting its out-of-control spending on autopilot.
" The Times didn't even mention a need to reduce government spending until the 14th paragraph of its 15-paragraph long editorial.
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