A Higher Debt Ceiling Won’t Solve the Problem; It Will Make the Problem Worse

By Peter Schiff

Democrats (and most Republicans) claim, “We must raise the debt ceiling because we pay our bills!” Peter said it’s the exact opposite. We never pay our bills. If you pay your bills, you don’t have any debt. Where does the debt come from? It’s unpaid bills. We have $31.7 trillion in debt. That’s $31.7 trillion of bills that we have not paid. We didn’t pay them. We borrowed the money. And we want to keep on borrowing the money. Nobody wants to pay any of these bills.”