Clock keeps ticking
In Manhattan, on a wall not far from Times Square, the debt clock ticks higher and higher. After climbing for so many years with no obvious economic fallout, it’s easy to ignore. Indeed, the clock was moved from its location on a busy street corner to a quiet passageway. The reality is that we really don’t have a “debt ceiling.” It’s a political creation with no fundamental economic meaning. No other country has one. But we do need a political solution, and many politicians have been concerned about our growing debt for a long time. They thought they had found the right ...