The debt ceiling crisis is a completely manufactured, self-inflicted wound that only the GOP sees fit to weaponize when it suits them. Forget the fact that it has been raised 78 times since 1960, 49 of which were under a Republican president—the House Republicans are determined to derail Biden’s economic gains any way they can. Today’s Topical Cream breaks down the fallacy of the debate and puts our budget in context with our debt.

Visit the episode's accompanying site page.

Chapters

Intro: 00:00:34

Section One: 00:00:58

Section Two: 00:04:11

Section Three: 00:09:31

Outro: 00:12:30

Resources

The White House: The Debt Ceiling: An Explainer

Congressional Budget Office: Federal Debt: A Primer

Center on Budget and Policy Priorities: Policy Basics: Deficits, Debt, and Interest

U.S. Department of the Treasury: Debt Limit

ProPublica: Donald Trump Built a National Debt So Big (Even Before the Pandemic) That It’ll Weigh Down the Economy for Years

Investopedia: Why China Buys U.S. Debt With Treasury Bonds

NPR: < China's slice of the US debt pie

Center on Budget and Policy Priorities: House Republicans’ Pledge to Cut Appropriated Programs to 2022 Level Would Have Severe Effects, Particularly for Non-Defense Programs

CNBC: As U.S. hits debt ceiling, here’s what it could mean for Social Security and Medicare

National Committee to Preserve Social Security and Medicare: Raising The Debt Limit: Impact on Social Security and Medicare

Politico: ‘Intellectually bankrupt’: Biden allies blast GOP debt-limit backup plan

Center on Budget and Policy Priorities: 5 Reasons Why the House Balanced Budget Amendment Is a Bad Idea

Population Reference Bureau: Aging Baby Boomers to Face Caregiving, Obesity, Inequality Challenges

UNFTR Episode Resources

Modern Monetary Theory.

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A Surprising, Epic Speech