The Debt Ceiling
by Peter Stern
The Debt Ceiling is a load of crap. It was created by Congress in the 1960’s and it is simply a tool that Congress uses to manipulate the political system and the public.
The Debt Ceiling is an imaginary amount that Congress votes on periodically, but it can be raised or lowered by the decree of Congress. We are the only nation in the World that has a Debt Ceiling. The Debt Ceiling is bogus.
There is no money set aside to cover the imaginary Debt Ceiling. It is simply a number provided by Congress and every few years it votes on whether or not to increase the Debt Ceiling.
There is no intent to pay off our debt, so we maintain an imaginary “ceiling to our debt” that is a number on paper that really does NOT mean anything. So, will the nation stop in its tracks if Congress doesn’t “raise the debt ceiling” by a significant amount? Heck no!
So, don’t lose sleep over the Debt Ceiling, as it is not important to the economic well-being of our nation. It is simply Congress using the tool it created to continue playing political games and ruffling their feathers. Life will go on no matter what happens to the Debt Ceiling.