This week’s agreement to raise the debt ceiling will last only until the end of the year. It’s time to abolish the debt ceiling and end this madness once and for all. Here’s why:
Robert Reich, Why We Need to Abolish the Debt Ceiling
This video is right in line with my current thinking on the subject. Percentage of GDP is a more important measure of government spending, and by that measure we spend way too much. The ceiling is a meaningless argument that sounds good on TV. Presidential pageantry, but for the legislature. Stop flouncing around and start doing some real work.
Facebook status backdated to the blog.
…paying off the debt when money is a debt instrument? A very bad idea.
