Raising the debt ceiling hurts all Americans today. We continue to hear that we are robbing from our children, and this is true.
Continue Reading Below
However, every time we are forced to print money, which occurs as we raise our debt ceiling, it devalues the U.S. dollar. This in turn makes the items that you spend your after-tax money on more expensive.
When Americans wake up and realize that the reason they have less money to spend is in large part due to our huge and ever-increasing debt, that will be the time that we will see changes from both sides of the aisle.
I hope the narrative changes to "Wow, more debt."
This requires us to print more money because we don't have the money (we spend a trillion dollars more than what we bring in from tax revenue). When you print more money it reduces the value of the money you already have. This, in turns, makes your lives tougher and more expensive.
So, remember each time you go to pay for something and it costs more than you expected, each time you are feeling as though your money isn't going as far as it used to, and each time you feel the strain of day to day living is more financially stressful -- you are not being delusional. It is because each time the debt ceiling is raised and we print more money and issue more debt your life and money are being devalued.