Nine Years After The Financial Crisis, A Debt Limit Is No Solution To U.S. Debt Problems

John Merrifield and Barry Poulson, Investor’s Business Daily

The United States responded to the 2008 financial crisis with an aggressive Keynesian fiscal stimulus and emerged as one of the most indebted nations in the world. Gross debt now exceeds gross domestic product. The Congressional Budget Office projects the private debt-to-GDP ratio will increase to 150 percent over the next three decades. Debt overhang of this magnitude is accompanied by retardation and stagnation in economic growth; slower growth, in turn, makes it more difficult to reduce debt burdens.......... To Read More....