The Debt Ceiling: What’s the big deal?
January 3, 2013, 8:21 pm
Filed under: Uncategorized

I’m getting the impression that now we’re all going to turn to fussing over the debt ceiling, so let me point to and second this post from PostLibertarian from a while back.

Basically, I’ve been struggling to see why the threat to not-raise the debt ceiling, and its existence in general, offends Smart People so much. I don’t get it. Like or dislike it, I don’t even get why it would inspire such strong emotions. At worst I’m agnostic about the whole thing. At best I see the whole mechanism as a sort of safety-valve or redundant safety feature we have somehow managed to build into the ‘spending approval’ assembly line. From what I can tell it’s not even a particularly effective safety feature, mind you, but better than nothing no?

So, not sure what the problem is exactly. I’ll try to listen to Smart People better as they huff and puff in my face about it and report back to you if I figure it out. As of now the only thing that comes through in their rants is that it’s ‘illogical’/internally inconsistent and therefore seems to offend some sort of perfect Platonic rationality principle they’d like to insist government abide by. Well gee, it’s the government, what did they expect? Seriously.

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They liken it to “holding the republic hostage” in service to a minority (and crazy) view that debt is too high and must not get any higher. They don’t see it as a safety valve because they don’t actually care about debt and don’t think it’s any big deal, because “we can print our own currency”. It’s hard for normal people to understand this line of thinking. I’m convinced that no one who has actually dealt with debt on a daily basis could believe it.

Comment by Matt

[…] whole Smart People frustration with the debt ceiling makes no sense and seems totally silly to me and also the idea being floated in blogs and other silly places for UST to mint a trillion-dollar […]

Pingback by The non-crazy explanation of the trillion-dollar coin « Rhymes With Cars & Girls

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