The New York Sun endorses Grant’s: “Lower the Debt Ceiling.”
The latest headline sits atop one of the newsletter’s classic editorials. “Since 1917,” it quotes its analyst, Charley Grant, as reporting, “the ceiling has been raised 107 times. Expressed as a compound annual rate of growth, the debt ceiling has risen by 8.4%, the nominal GDP by 6% Twenty-nine more years on this track and the debt ceiling would be the size of the GDP.” [Emph. added]
Does anyone seriously think the debt ceiling won’t keep growing at a materially faster rate than nominal GDP? This is not going to end well. . . .