The debt ceiling, being wielded by the ignorant children of the House GOP, is the stupidest feature of federal fiscal policy.
The individuals in charge of U.S. fiscal policy are often thought to be among the most sober people in the world, so you may be wondering why we’re suddenly hearing ideas such as the minting of a trillion-dollar platinum coin or selling $100 face-value Treasury bonds for $200.
At that point, Yellen said, the Treasury would start taking “certain extraordinary measures” to stave off a default. These include suspending scheduled payments into government employee pension funds. Before delving further into the consequences of a debt ceiling standoff and the possibly counteractions, let’s once again review what the thing is.
After Republicans took majority control of the House of Representatives in 2011, the debt ceiling turned into the raw material for political posturing. Typically, the GOP describes raising the debt ceiling as tantamount to encouraging profligate spending.
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