One more aspect to this: there is NOT a direct link between authority to spend and authority to borrow.
Consider: I purchase a $100,000 home.
- At the time of purchase, I can get a loan for the entire amount at 1% interest.
- Two years later, interest rates are up. I need to refinance... and now due to the cost of money, I can't actually afford to borrow the whole amount.
- Over time, if interest rates rise, the cost of interest for paying back that loan may be much higher than the original cost of what I purchased.
Ultimately, it IS irresponsible to say we can borrow any amount we want to cover what we've authorized as expenses.
Go look at the current US Treasury big picture, at US Debt Clock dot Org. The "Unfunded liability" is literally...
- the Present Value of
- all legally authorized future expenditures
- for which there is no known source of income
Right now, the guaranteed future benefits authorized by congress are so large, that to pay them off over time, every person in the USA needs a bank account, TODAY, with over $500,000 -- extra, ready to give to the US government.
It's so big, it almost exceeds the entire value of all investment, property, etc in the USA. Totally irresponsible.
More debt makes zero sense.