Why The National Debt Is Actually Pretty Unimportant

Between the Freedom Caucus demanding that House Speaker Kevin McCarthy hold a vote on a constitutional amendment to balance the budget and the need to raise the debt ceiling coming later this year, it’s fair to say that conversation about our national debt is going to be very important in the coming months. The notion of a constitutional amendment to balance the budget is one that has become popular among fiscal conservatives for decades, dating all the way back to Republican opponents of Franklin Roosevelt in the 1930s. One attempt to add this amendment passed a Republican controlled Senate in 1982, and another passed a Republican controlled House in 1995.

The debt ceiling as a concept dates back to World War One, and is basically the amount Congress sets for how much debt the federal government can collect. To speak personally, I find it to be a totally nonsensical and pointless stable of politics. If Congress isn’t going to raise the debt ceiling, then it’s very likely said Congress is made up of people who are attempting to reduce the national debt anyway. On the other had, if Congress has no interest in keeping a low national debt, then they’re going to raise the debt ceiling whenever they need to no questions asked.

Meanwhile, amending the constitution to require a balanced budget — although appealing to those who think…