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.
Great minds think alike, as they say? I just linked to that same Thomas Sowell column myself earlier this week!
Thanks, man! I hope you enjoy reading my posts.
You’ve got a wonderful blog with lots of great thoughts. Looks like you also favor a libertarian policy. Hopefully, there are enough like you in the 2012 election!
You’re very kind! Thank you, and yes, I’ve been enjoying yours as well.
As to 2012, I’m feeling better and better about our chances, but I suppose time will tell!