Common Fallacies in the 2023 Debt-Ceiling Debates-Reference-Cited by-同舟云学术

Common Fallacies in the 2023 Debt-Ceiling Debates

Published:2023-11-20 Issue:2 Volume:26 Page:
ISSN:1936-4806
Container-title:Quarterly Journal of Austrian Economics
language:en
Short-container-title:QJAE

Author:

Kupiec Paul¹^ORCID,Pollock Alex²

Affiliation:

1. American Enterprise Institute

2. Mises Institute

Abstract

This article investigates the veracity of three claims made by current and former government officials in the context of the 2023 debt-ceiling debates: it would be unconstitutional to enforce the debt ceiling; the U.S. government has never defaulted; and there are no measures that could be taken to avoid a government default except raising the debt limit. None of these claims is true.

Publisher

Mises Institute

Subject

General Economics, Econometrics and Finance

Reference26 articles.

1. Austin, D. Andrew. 2022. The Debt Limit since 2011. Congressional Research Service, updated December 23, 2022. https://sgp.fas.org/crs/misc/R43389.pdf.

2. Austin, D. Andrew, and Sean M. Stiff. 2021. Clearing the Air on the Debt Limit. Congressional Research Service, updated November 10, 2021. https://crsreports.congress.gov/product/pdf/R/R45011/5.

3. Biden, Joseph R. 2023. “President Biden Remarks on Preventing Debt Default.” C-SPAN. May 17, 2023. Video, 5:39. https://www.c-span.org/video/?528169-1/president-biden-remarks-preventing-debt-default.

4. Blinder, Alan S. 2023. “Biden Doesn’t Need Congress to Avoid a Debt-Ceiling Crisis.” Wall Street Journal, April 19, 2023. https://www.wsj.com/articles/another-debt-ceiling-crisis-can-we-avoid-catastropheagain-budget-legislative-fix-denmark-faith-credit-deficit-spendingconstitution-e679cae9.

5. Board of Governors of the Federal Reserve System. 1953. Fortieth Annual Report of the Board of Governors of the Federal Reserve System. March 1, 1954. https://fraser.stlouisfed.org/title/annual-report-board-governors-federal-reserve-system-117/1953-2410.