Long ago Volkswagen had a clever ad campaign along the lines of: No radiator, no radiator problems. Today, the idea deserves to be applied to the nationís debt-ceiling.
Thatís right: No debt-ceiling, no dangerous and embarrassing debt-ceiling brinkmanship.
Might the country manage effectively without a debt-ceiling? No other major industrialized nation places a legal limit on the total amount of its debt. They are satisfied to rely on the budget processes they have. You see, raising the debt-ceiling isnít about allowing room for more spending. It is about covering the cost of spending the country already has incurred ó like paying your bills.
So, there is a case for no debt-ceiling. No debt-ceiling debate problem.