In a recent article for the Jewish World Review, economist Thomas Sowell emphasizes two actual effects of America’s debt ceiling.
First, it has never achieved its intended goal:
The one thing that the national debt-ceiling has never done is to put a ceiling on the rising national debt.
Second, it bewilders fiscal responsibility:
Many years ago, someone said, “If you didn’t invite me to the big take-off, don’t invite me to the crash landing.” This was Obama’s big spending spree, but “bipartisanship” requires Republicans to either split the bill or be blamed if the government shuts down or defaults.
Swiss Economist 