John Hayward at Human Events has an analysis on the current debate over the federal debt and the debt limit. Put simply, Hayward believes that the huge debt burden carried by our bloated government is an intentional and vital element of maintaining that bloated mass:
High corporate and individual tax rates lead to high unemployment rates. If you suggest reducing those tax rates to spur private-sector growth and lower unemployment, you will be accused of making the debt situation worse. That wouldn’t be very intimidating if the national debt was low. Why not lower those taxes and see if the resulting growth generated more net revenue at the lower rates?
But because the political class has made the national debt so high, it is able to insist that taking a chance on the power of liberty is an irresponsible gamble. Because the government lives so far beyond its means, it would be irresponsible to provide it with reduced means.
This is how we have reached the madness of a moment when the national debt is used as an argument against spending reductions, or growth-oriented tax and regulatory policies. The insane problem becomes a weapon against rational solutions.