If you're listening to the news at all, you've read and heard ad nauseum the hand-wringing episodes over the national debt ceiling. Now I'm no economist, and I might be wrong, but it seems to me that the so-called debt ceiling is mostly a fraud perpetrated on the U.S. public.
Why do I say that? Let me put it in simple terms that I can understand. The debt ceiling is basically a credit limit. If I apply and obtain a credit card, the lending institution sets the credit limit. I can borrow up to that amount and no more. In the case of the Congress, they are the ones borrowing and setting the credit limit. A little conflict of interest? What is the purpose of having it if they just bump it up whenever they need to? Sounds like a lot of hocus pocus to me.