The Debt Schlemieling

May 31, 2023

by Craig Hemke Sprott Money

Another deal to extend the debt limit of the U.S. government appears to have been reached. If that’s a surprise to you, then I guess you haven’t been paying attention over the years.

The farce of the “debt ceiling” is simple political theater and nothing more. For decades, cynical politicians have used the imagined “catastrophe of default” as a tool to stoke division and score political points, usually just before major elections. Both sides of The Uniparty will ultimately claim victory, allowing their partisans to rejoice while the public at large gets fleeced.

Completing the absurdity is the fact that the U.S. is now back to a “date certain debt ceiling”.