News Updates

The Republican Debt-Circus Charade

FRIDAY, JANUARY 20, 2023

Every individual necessarily labors to render the annual revenue of the society as great as he can. He generally indeed neither intends to promote the public interest, nor knows how much he is promoting it.… He intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was not part of his intention…. By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it. I have never known much good done by those who affected to trade for the public good.
Adam Smith,
An Inquiry into the Nature and Causes of the Wealth of Nations [1776]

HORNBERGER’S BLOG

January 20, 2023

The Republican Debt-Circus Charade
It seems like just yesterday that the debt-ceiling circus returned to Washington. Actually, it was October 2021, a little over two years ago. That circus was just like all the ones that preceded it. The mainstream press and other acolytes of the welfare-warfare state issued all sorts of dire predictions if the debt ceiling wasn’t raised. As soon as the debt-ceiling was raised, …

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