The Debt Ceiling Charade

Once again our elected representatives in Congress are engaged in political posturing over the so-called “debt ceiling.”  For readers who want to know (a) how the debt ceiling really works and (b) why it is a complete charade/sham and ought to be abolished, check out Jack Balkin’s (Yale Law Prof) excellent post on the issue.

Money quote:

So what good is the debt ceiling? Well, the only people who use it are politicians who want to hold the United States hostage and threaten to crash the world economy. It has no other function at this point.