Why The Debt Ceiling Debate Is Necessary

Can you spare a trillion...

Carney is exactly right; the debt ceiling debate increases public awareness and provides a rare opportunity for Congress to consider fiscal sanity as an option over the accepted Keynesian deficit madness that presently rules Washington and Princeton's economic department, wherein reside Krugman and fellow government spending despots.

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Source - John Carney - CNBC

The debt ceiling does not seem to have many friends these days.

John McDermott at FT Alphaville, and Felix Salmon have all issued thrashings.  The gist of the complaints is that since the debt ceiling will eventually be raised, all the political debate leading up to the eventual raise is just political posturing at best, and dangerous demagoguery at worst.

Yesterday I tried to provide a corrective to this view.  The debt ceiling is a useful political check on government debt accumulation and one of the last vestiges of the constitutional mandate that Congress control the power to borrow on behalf of the United States government.

“One of the ways in which government is able to operate unaccountably—that is, outside of democratic checks and balances—is by facilitating public ignorance about its activities.  The debt ceiling vote helps raise public awareness about the costs of government, keeping government accountable and increasing democratic participation."

I think Weisenthal is just plain wrong when it comes to the issue of public awareness. We—journalists, politicians, and just plain ordinary folk—are currently engaged in a public debate about the levels of debt accumulated by our government.  This debate simply would not be occurring if it were not for our rapid approach toward the debt ceiling.  As we get closer to an actual vote, that debate will become even more ubiquitous.  A robust public discussion of the financial state of our government is a welcome development.

Continue reading at CNBC...

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Ron Paul on the debt ceiling...

Excellent clip.

Video - Jan. 8, 2011 - Ron Paul discusses how raising the national debt limit is inevitable due to the culture of spending in Washington...

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Here's another classic...

• Ron Paul: "Bernanke Is The Greatest Counterfeiter In The History Of The World"

New Slideshow - Time Magazine Looks Inside the Private Offices of Fed Chairman Bernanke - Including Photos of Bernanke Growing Up in South Carolina - These are a Must See

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Comments

[DailyBail]

http://www.cnbc.com/id/29655038

States with the Highest Foreclosure Rates

[DailyBail]

Ron Paul: "Bernanke Is The Greatest Counterfeiter In The History Of The World"

http://dailybail.com/home/ron-paul-bernanke-is-the-greatest-counterfeiter-in-the-histo.html

[DailyBail]

SUMMARY: Anchor Blue, Inc. and Anchor Blue Holding Corp. filed for chapter 11 bankruptcy protection today in Delaware with plans to complete going-out-of-business sales at all of its 117 stores and liquidate. Today's chapter 11 filing is the companies' second such filing in less than two years. The company was formerly known for its Miller's Outpost branded stores, as well as for operating a chain of Levi's and Dockers outlet stores (which were sold in the first chapter 11 cases).

http://www.jdsupra.com/post/documentViewer.aspx?fid=bf0bf6ff-db88-4a1a-9b47-69624978c0c1

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