The benefit of raising the Federal Debt Limit outweighs the cost

The United States of America is no stranger to the discussion of its national debt, with some raising concerns about its size and the potential consequences it may cause. This conversation extends to the issue of the federal debt limit. However, while some argue that the federal debt limit should not be raised due to the national debt's size, it is essential to consider the advantages of raising the federal debt limit to ensure the country's economic stability. To begin with, maintaining a stable national economy is a vital reason to support raising the federal debt limit. The government's ability to borrow through governmental bonds is vital to ensure funding for essential public services such as Medicare and Medicaid, Social Security, and transportation infrastructure. Failing to raise the debt limit puts these services at risk, which has dangerous consequences that impact the entire nation. With the current climate of increasing financial pressures due to the pandemic, maintaining financial stability is even more critical. Secondly, raising the federal debt limit can aid in preventing a financial crisis. Currently, the United States is close to the federal debt limit due to the rising costs of government spending on pandemic relief efforts. Failure to raise the debt limit can result in an inability to repay loans, which will cause panic in the financial markets, jeopardizing the economy's stability. Such a scenario would cause disastrous ripple effects, causing a reduction in global trade and frozen credit markets. Additionally, the national debt is not a result of overspending on salary increases for government workers or programs at impossible scales. Our debt is due to essential and critical programs such as Medicare, Medicaid, and Social Security, as well as unforeseen circumstances such as natural disasters and healthcare crises. Finally, raising the federal debt limit does not equate to the increased national debt. The increase in the national debt is a result of governmental spending and taxation policies. Factors that have little correlation with the federal debt limit. Additionally, most economists agree that the primary concern should be the nation's long-term debt, which will not be addressed solely from limiting the national debt-ceiling. In conclusion, despite the concerns of a burdening national debt, the benefits of raising the federal debt limit outweigh the costs. It ensures a stable economy, prevention of a financial catastrophe, strengthened welfare, support for necessary programs, and stability amidst unprecedented times. A vital aspect of enhancing national financial stability is to maintain a pragmatic balance between spending and borrowing at necessary levels. Therefore, it is imperative for policymakers to prioritize raising the federal debt limit when evaluating economic stimulus solutions.