Let's look at the relevant portion of section 4 of the 14th amendment.
The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.
Section 4 of the 14th Amendment is about Constitutionally prioritizing debt payments before buying what some refer to as "nice things". Thus, it is those "nice things" that are on the chopping block not the debt payments if the debt ceiling is not raised.
And that is as it should be; we should be forced to debate whether we take on additional debt to pay for "nice things".
But liberals would have you believe that the debt ceiling increase is about covering old debt. Not true. Our revenue can currently cover all debt payments.
The fact is all our debts including SS and those debts owed our soldiers will be paid out of our tax receipts even if the debt ceiling is not raised. It is a Constitutional mandate.
What is not covered by the 14th Amendment is all the Keynesian spending that would necessarily be slashed if we were not to raise the debt ceiling.
The increase in the debt ceiling is really about making further expansions in Keynesian based government spending possible.
Thus, the obvious fear driving Keynesian Krugman toward supporting the insanity of mega coinage.
Despite his mythologizing otherwise Krugman knows that our debt would not go unpaid if the debt ceiling is not raised, but rather, he knows his Keynesian dreams would go unfunded .... all due to the 14th Amendment.
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