With the upcoming August 2nd deadline it makes one wonder if a resolution is even possible. The polarization of the debt discussions is disenchanting an extremely important issue. In a recent article from The Economist “Dicing with Debt and the Future” the fundamental philosophies of the opposing arguments could be seriously compromised on both ends on a decision is made. The article asserts:
…both sides have made a stand on principles that will be hard to abandon without losing face. The Republicans’ is that there can be no increase in tax revenues, because that is how public spending ratchets ever higher. The Democrats’ is that a deal that reduces the deficit by spending cuts alone would fall too heavily on the most vulnerable Americans.
A recent poll showed that raising the debt ceiling continues to be unpopular among Americans. View poll results here. While economists such as Emily Skarbek may give eloquent and comprehensive solutions to this issue, the debate still remains. For the sake of future generations a decision must be made, and for all our sake one can only hope that it is a decision that will not put us FURTHER into debt.