Abolish the debt ceiling!

This is a great idea: abolish the debt ceiling!

Every other county, with the exception of Denmark, does fine without it. We don’t need it and shouldn’t have it. Instead of figuring out ways to raise the debt ceiling, we should simply go ahead and abolish it, writes James Surowiecki in his Financial Page column in the latest issue of The New Yorker.

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2 thoughts on “Abolish the debt ceiling!

  1. are you saying that we should just keep spending? i do think the debt ceiling is a strange concept. are you for a balanced budget amendment?

    • No, I am not saying that, but the debt ceiling –this old thing from 1917 — is no longer necessary, as Surowiecki writes in his interesting piece in The New Yorker. Check it out, if you haven’t already!
      As to the balanced budget amendment, no I am against it. I think Norman J. Ornstein explans it very well in his July 18 op-ed in the Washington Post, saying that dthe effects of such an amendment would be frightening.

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