The Fourteenth Amendment and the national debt

The debate over the national debt ceiling started in earnest with the new Republican Tea Partyers declaring that in no way would they support raising the country’s debt limit.

For these constitutionalists, that is a strange and ironic stance.

The Fourteenth Amendment declares the legitimacy of public debt when authorized by law.

Interpretations indicate this means that to default on legal obligations would, in itself, be unconstitutional.

Thus, the threat not to honor the nation’s obligations seems a false and specious one, especially by those who wrap nearly every argument in constitutional terms.

Nevertheless, the debt ceiling debate has brought both political parties to a dangerous and cynical game of chicken.

The failure to increase the debt limit would surely cause the nation to default on its obligations in a relatively short time. That would be catastrophic for the country and probably even the rest of the world. The mere threat that America could default on its debt frightens international economists and leaders.

Our politicians should be so aware and far sighted.

Eventually, the national debt can be reduced, and its rate of growth can be slowed. It is just that these cannot be done before the deadline in August.

Using this issue to wring out political concessions only worsens the situation.

The country’s obligations and credibility are too important to be held hostage for short-term partisan political gain.

Gordon Forgey

Publisher