This article was originally published in Real Clear Markets
The debt ceiling is over—finally. But what was missing in all of the partisan bickering?
Front and center should have been reduced spending, or at the very least a spending freeze—and it did occur to an extent. Entitlement reform was hardly discussed, even though other reforms like work requirements were included, reducing the long-term burden of welfare spending while getting Americans back to work.
Still, today’s Congress is a case study in short-termism. The long-term trajectory of the debt and America’s broader economic health depends on one thing: If we’re able to have a growth-minded, dynamic economic strategy, regardless of the theatrics that come with the debt ceiling debate every so often. It remains a big “if.”
