The debt ceiling

[pjohns]

The debt ceiling will, no doubt, very soon be raised again.

But this begs the question: Why do we even have a "debt ceiling," if we are just going to raise it every time we approach it?

What good is it doing, anyway?

It seems a bit like having a posted speed limit, and then raising it every time it is exceeded.

And please note that I am not blaming Joe Biden--or the Democrats in general--for this craziness.

It has been the case for quite some time; and under Republican administrations, as well as Democratic ones.

But this does not change the fact that it is just plain insane, in my view.

[RMNIXON]

Much the same as no longer having a legitimate responsible budget process, it is just going through the motions. And take note any objections to raising the debt limit are portrayed as shutting down the Government.

[pjohns]

Much the same as no longer having a legitimate responsible budget process, it is just going through the motions. And take note any objections to raising the debt limit are portrayed as shutting down the Government.

Politicians (who, for the most part, are really just the moral equivalent of back-alley prostitutes--and perhaps beneath the latter, since they are usually much better educated, and therefore much better equipped to earn a legitimate living) are dependent, for their livelihood, upon re-election.

Re-election means pleasing their constituents--however possible.

And pleasing their constituents means neither raising taxes nor cutting back on spending.

So it is much easier to saddle unborn generations with this (unsustainable) debt.

Even so, it is odd to me that they would pretend to have a "debt limit," when that is a quite obvious fiction.

[Tahuyaman]

The so called debt ceiling is meaningless. It’s just used for political posturing.

[Peter1469]

Much the same as no longer having a legitimate responsible budget process, it is just going through the motions. And take note any objections to raising the debt limit are portrayed as shutting down the Government.

Continuing resolution one after the other.