Get rid of the debt ceiling
To the editor:
There are more than 200 nations in the world. Only one of the 200-plus nations has a restrictive debt ceiling.
For its first 128 years, that one nation did fine with no debt ceiling. Then, for 57 years, a debt ceiling was put into law and performed a useful function.
Finally, for the last 39 years, the debt ceiling has not been necessary, because Congress changed the budgeting process to constrain spending completely, which the debt ceiling now doesn’t and can’t. It should not take Congress almost four decades to learn that the debt ceiling is not needed.
In the last 39 years, the debt ceiling has simply made the one nation a laughing stock, has reduced the credit rating of the one nation, and has increased the one nation’s cost to borrow money by billions of dollars (and other worse side effects).
Congress should not jeopardize the economy of the one nation and the world. Congress should not make themselves nor the one nation the laughing/giggling/snickering stock of the world. Congress should not increase the cost of the one nation’s borrowing. So Congress, join the rest of the world and get rid of the debt ceiling. Use the freed-up time to do your job. (Congress’ approval rating is 7 percent. The president’s approval rating is 34 percent, based on Harris Polls report published Sept. 30.