Steve Stanek discusses the adjustment to the debt ceiling, the proposed spending super committee and the effects of the new ceiling on credit ratings and interest rates.
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Debt Debate Should be Over Lowering the Ceiling Instead of Raising It, Says Ludwig von Mises Institute Economist
As Washington negotiates a debt ceiling-raising deal, and panic sets in about the consequences of that deal not being reached before the default date, Mark Thornton, an economist and senior fellow at the Ludwig von Mises Institute in Auburn, Alabama, argues that the debt ceiling shouldn’t be raised at all. In fact, Thornton argues, it should be lowered.
The debt ceiling debate and the issue of government spending has dominated the attention of the federal government for the last month. Both parties in Congress and President Obama have been unable to reach an agreement on how to approach the debt ceiling issue with a looming deadline and government default on the horizon. In [...]