Tuesday, April 19, 2011

The Debt Ceiling

Is not an issue. We think it is, because we need to have a Congressional vote raising the debt ceiling every once in a while. But we're the only nation in the world that uses such a device. It's quite simple in other countries: you pass laws raising X in revenues and authorizing Y in outlaws, and if Y > X then your government issues debt equal to Y - X. America, for some silly reason, has this debt ceiling idea. But that's not the question, no other civilized country considers it a question, and there's no reason to consider it a question. It's a non-issue, or at least it should be.

This is in response to a poll that included "raising the debt ceiling" as a potential solution to the deficit problem. That's just irresponsible pollstering.

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