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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Tenchusatsu who wrote (693801)	1/18/2013 8:53:56 PM
From: tejek	Respond to of 1577893

I have no quarrel with getting rid of it but think about why we are the only nation that has such procedure and why that might be. That's not true. Every nation has laws that simply get changed whenever the ones in power are or are in danger of breaking them. The debt ceiling is no different. Yeah but most nations don't do it the way we do it: And a number of wonks agree with him. Former Reagan domestic policy adviser Bruce Bartlett, for instance, has railed against it—in particular, its use as a political football. "As far as I am aware, no other country on Earth has the idiotic policy that the United States has of having a legal limit on the amount of bonds the central government can issue," he writes. "They correctly recognize that the deficit and the debt are simply residuals resulting from the government's tax and spending policies. It makes no sense to treat the debt as if it is an independent variable." (Actually, some other countries do have debt ceilings—Denmark, for instance. But they also tend to have parliamentary political systems, with which it's easy for the party in power to raise the ceiling.) slate.com Having said that, the current crisis over the debt ceiling stems mostly from partisan conflicts and changing the law would only push the crisis to somewhere else.