The latest debate over “the debt limit” has all but monopolized the attention of politicians and pundits alike. I confess, I for one am not at all pleased by this, for I find the whole situation particularly difficult to follow. But not only does this issue challenge my understanding, the impression that it has been rendered more complex than it actually is poses a challenge to my patience as well.

The conventional wisdom, the notion peddled by Democrats and Republicans alike, is that we must raise the debt ceiling. Notice, it is imperative or necessary or non-optional that we increase the current ceiling. Why?  The answer is simple: Either we raise the debt ceiling or we will witness an economic catastrophe the likes of which we haven’t seen before.

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Jack Kerwick, Ph.D. (photo)