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If you don't already know why Kenneth Rogoff is a disgraced economist and austerity fraudster, please check the following link.
Why Are Disgraced Economists Carmen Reinhart and Kenneth Rogoff Still Promoted by the Media?
As the U.S. approaches its debt ceiling, politicians are arguing about the conditions required to raise the limit in order to avoid an unprecedented default.
The current debt limit of $31.4 trillion was theoretically reached on January 19, 2023. But the Treasury Department has been engaged in some accounting trickery in order delay officially reaching the limit.
If as early as June 1, 2023 Congress has not approved raising the debt ceiling, the U.S. Treasury will default in its debt obligations causing severe repurcussions.
So what is it that Congress is arguing about?
It's the usual banter.
Democrats want to preserve funding for wasteful initiatives supportive of the "man-made climate change" hoax along with other wasteful projects, including even more spending on education.
Meanwhile, republicans want to cut mandatory benefits like Social Security, Medicare and Medicaid, while boosting wasteful discretionary spending for military and defense.
At the end of the day, republicans use these debt ceiling debates as a call for austerity focused on slashing mandatory benefits.
Meanwhile, democrats complain about austerity while adding to wasteful spending.
The republican push for cuts to mandatory spending items (Social Security, Medicare and Medicaid) reminds me of controversial policies enacted after the financial crisis.
As you will recall, not long after the 2008 financial crisis many EU member nations faced a sovereign debt crisis threatening to topple these nations.
This period was very significant because it had the potential to create sufficient momentum needed to dissolve the EU. This is something the establishment would do anything to prevent for reasons I have discussed in the past.
Two economists from Harvard University, Carmen Reinhart and Kenneth Rogoff used their influence to convince government officials that the best solution for the economic collapse faced by the EU was to impose austerity in order to reduce high levels of government debt.
The push for austerity would later gain support in Washington by Tea Party shills like Paul Ryan based on the conclusions made by Reinhart and Rogoff.
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