Scrap the debt limit?
Our expanded U-T EconoMeter includes business execs
Roger Showley, U-T SAN DIEGO
Friday, October 11, 2013
Kelly Cunningham, National University System
An arbitrary debt limit raised merely serves as a “speed bump” to Congress’ profligate spending. Increasing the debt ceiling does not renege on past debt, but signals the federal government will continue spending without constraint. Even President Obama formerly avowed that raising the debt ceiling is a sign of leadership failure. Is there any doubt the federal government will continue excessively spending to whatever amount the limit is raised? This signals the U.S. is not generating enough income to pay for spending and will continue to do so with ever more debt, effectively admitting to running the world's largest Ponzi scheme.