Originally Posted by the steam
The debt ceiling should just be made 500 trillion dollars. Can someone please explain to me the reason for having a debt ceiling if it is just going to be raised everytime we hit it? Not being sarcastic, seriously what is the point of having a debt ceiling?
Nope, you are absolutely right. It is an arbitrary, unnecessary device.
For the vast majority of its history, it was raised without debate. Now it's used to hold the economy hostage so one side can demand something in return for NOT crashing the economy.
I've gone rounds with patteeu on this, and his response was essentially to argue that the debt ceiling "reminds us of our insane spending."
As if we need an economy-threatening useless tool to remind us of that.