September 26, 2021
The on-going debt ceiling drama is an annual tradition that allows both sides of the political aisle to appear principled and stately in the eyes of their constituents. In reality it is just one giant grandstanding event–pro wrestling for politicians. In 2011, Gary North captured the essence of this ritual melodrama in his article The Symbolic Debt Ceiling, where he wrote:
Democratic politics relies on deception. Without deception of the voters on a comprehensive scale, there could be no politics above the local level, where people know the deceivers personally and are therefore less easy to fool.
Basic to deception are symbols. Symbols serve politicians in much the same way as a red cape serves a matador.
Every year, Congress goes through the equivalent of a Punch and Judy puppet show. This is the debate over whether or not to raise the Federal government’s debt ceiling.
The Federal debt-ceiling is always raised. There are no exceptions. As surely as night follows day, so does the national debt-ceiling get raised. Everyone in Congress knows this. Everyone in the media knows this. Those few voters who pay any attention suspect this.
Fair use excerpt. Read the whole article here.