Debt-Ceiling Chicken – Thomas Sowell – National Review Online

The national-debt-ceiling law should be judged by what it actually does, not by how good an idea it seems to be. The one thing that the national-debt ceiling has never done is put a ceiling on the rising national debt. Time and time again, for years on end, the national-debt ceiling has been raised whenever the national debt got near whatever the current ceiling was.

Regardless of what it is supposed to do, what the national-debt ceiling actually does is enable any administration to get all the political benefits of runaway spending for the benefit of their favorite constituencies — and then invite the opposition party to share the blame, by either raising the national-debt ceiling or voting for unpopular cutbacks in spending or increases in taxes.

via Debt-Ceiling Chicken – Thomas Sowell – National Review Online.

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About godsowncrunk
I'm King B, the originator of the Jellywhite lyrical style and god's own crunk.

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