Moody’s has called for a repeal of the debt-ceiling law. Their reasoning is that it leads to the sorts of political chicken games now being played in Washington that throw world financial markets into turmoil.
Thomas Sowell also calls for its repeal. He says anyone who disagrees should be prepared to show the benefits of the debt-ceiling law. So what are they? Does it make the Washington elite more fiscally responsible? Does the debt-ceiling law put the brakes on rising national debt? The answer to all those questions is a resounding no. It may be a glorious idea but Sowell judges it by what it does rather than what it is supposed to do. It does nothing but allow the big spenders to blame others for the consequences of their own actions. That’s what is going on now as Obama, Harry Reid and Nancy Pelosi are able to lay blame on Republicans for not “compromising” with Obama who has hissie fits over each Republican plan without ever offering a plan of his own, unless one thinks Obama’s idea of paying off the national debt by taxing corporate jets is a plan.
All Obama’s big spending was sanctioned and set in place during his first two years when Republicans were out of power and had no say in anything Democrats wanted to do. Obama had carte blanche and he used it to run up the biggest one-year deficits since WW II. Republicans were not allowed to participate in any of it and now Obama wants to blame them for its failures. Take away the debt-ceiling law and its harder for Obama to distract voters from his failures.