The Dangerous Debt Ceiling Distortion

It’s common knowledge that the federal debt has been increasing exponentially. Given Capitol Hill’s long track record of just-in-time increases in the statutory debt limit, one wonders just how much value there is in having a so-called limit (a.k.a. a “debt ceiling”) as it is currently defined—apparently, little besides the political grandstanding value for the party that doesn’t occupy the White House in any given year.