The Debt Ceiling Must Be Abolished

Source: Common Dreams
by Josh Bivens

“U.S. Treasury Secretary Janet Yellen announced last week that the federal government had reached the statutory debt limit and that her department had begun ‘extraordinary measures’ to meet required spending obligations. It is estimated that by July these extraordinary measures will no longer be able to keep some spending obligations from being missed. The fact that the statutory debt limit can inject such chaos into the American political system and economy is truly odd. The debt limit measures nothing coherent and has no relationship to any serious measure of the economic burden imposed by the nation’s [sic] debt. It has as much relevance to the nation’s objective economic health as today’s horoscope.” [editor’s note: Some politicians borrowed some money. It’s their debt, not a “national” debt – TLK] (01/24/23)