Today's Editors' Choice

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Opinion in Brief

Veronique de Rugy: "Another debt ceiling fight is just around the corner. The government's borrowing limit will need to be raised yet again by the end of September to avoid default. Indications suggest that there will be enough support between Democrats and moderate Republicans to pass a 'clean' increase, meaning no spending limits or cuts will be attached. However, this fiscal status quo is absolutely unacceptable, especially because it would be easy to take a small step toward much-needed fiscal discipline. Debt is piling up, and it is doing so at a faster pace than the economy is growing. The gross national debt is already well past 100 percent of gross domestic product. Under very optimistic assumptions, the Congressional Budget Office projects that under current law, the debt will reach 150 percent of GDP in 2047 — thanks primarily to an aging population and poorly structured entitlement programs. Significant change is clearly needed if we're to avoid fiscal catastrophe. ... Debt and deficits are bad, but they are symptoms of an underlying spending problem. Focusing narrowly on reducing debt can lead to counterproductive policy choices, whereas spending caps would most likely achieve the desirable goals of reducing excessive government and finally getting the nation's debt under control."