Just as I have predicted several times since the debt ceiling was last lifted in 2013, statists are saying that a catastrophe will ensue if the debt ceiling isn’t lifted again. Treasury Secretary Jack Lew is leading the charge, exclaiming in a USA Today piece that “by waiting to the last minute to act on the debt limit, Congress could cause a terrible accident.”
To examine exactly what the debt ceiling debate is all about, let’s return to basics.
