The Democrats were right, and the Republicans were wrong.
This time . . .
The Republicans are right, and the Democrats are wrong.
You will recall the summer of 2011 when the Republicans threw such a hypocritical hissy-fit about the Debt Ceiling that Standard & Poor’s actually lowered the credit rating of the United States for being ungovernable – not for having bad credit but for being ungovernable. Since then, we have either raised the debt ceiling or suspended it several times. Guess what happens again next month?
Because the Republicans are in power, the Democrats will hiss that “something” must be done about our growing debt, that we can no longer waste money on tax cuts for the rich and must raise those taxes. It is hypocrisy writ large!
Long ago, the debt ceiling had already outlived its usefulness. We are the only advanced nation with such a meaningless device. Not only does the debt ceiling not help, it actually makes debt management more difficult by unleashing the hypocrisy of Republicans and Democrats, further polluting conversations.
If you think the arbitrary debt ceiling limitation has done any good, take a look at this chart:
