David Brooks: 'In contrast to Donald Trump, who is all about himself, Biden can be the source of security in times of chaos. For that to happen, we need a government that is fiscally sound and ready for anything.'
If you had asked me that question in 2021, I would have said the Biden administration’s chief purpose is to narrow the economic chasm. America is bitterly divided between highly educated people who live in places that are thriving and less educated people who live in places that are left behind. That economic and social divide threatens our politics, our shared prosperity and the nation’s social fabric.
If you ask me now what the Biden administration is for, my answer would be different. Today, its main purpose is to prepare the nation for a period of accelerating and explosive change. We’re living in the first stages of what my colleague Thomas Friedman a few years ago called “the age of acceleration,” an age of both stunning advances and horrific dislocations. This is a period of radical uncertainty, a period in which predictions are likely to be wrong and midrange plans are likely to become obsolete.
The United States is projected to spend roughly $640 billion this year merely paying interest on that debt, a figure that is expected to more than double by 2033. That’s about the time the Social Security Trust Fund will become insolvent, requiring even more gigantic cash infusions to keep the program going.
But the fact is that the debt ceiling has often been an occasion to put a brake on excessive spending. Of the past 43 debt limit increases or suspensions, 27 were attached to other legislation, according to Maya MacGuineas of the Committee for a Responsible Federal Budget. Debt ceiling increases were attached to both the 1985 and the 1987 Gramm-Rudman-Hollings bills, which established deficit targets.
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