Treasury Secretary Timothy Geithner has taken a lot of criticism for proposing the elimination of the US debt ceiling. But what is the point of a debt ceiling if we crash through it on a rocket-propelled spending binge every time we get there? As a debt-control measure, the debt ceiling is a complete failure, one the private-sector would have long-ago relegated to the ash-heap of failed innovation. As a blame-sharing device, it's ingenious.
Video: Let's Get Rid of the Debt Ceiling
Video: Let's Get Rid of the Debt Ceiling
Video: Let's Get Rid of the Debt Ceiling
Treasury Secretary Timothy Geithner has taken a lot of criticism for proposing the elimination of the US debt ceiling. But what is the point of a debt ceiling if we crash through it on a rocket-propelled spending binge every time we get there? As a debt-control measure, the debt ceiling is a complete failure, one the private-sector would have long-ago relegated to the ash-heap of failed innovation. As a blame-sharing device, it's ingenious.