The Hill News

Is there any issue that terrifies Congress more than the debt ceiling? There’s no spinning a number, after all. So Congress and the President are spinning a hurricane of irrelevance around it, mostly debating who will ultimately pay.

The answer is no one. The country is broke, taxpayers cannot hope to repay $21 trillion if they can’t even pay their mortgage and their credit cardsâ€"even at the artificially low interest rates that will soon reset much higher, just like those disastrous ARMs. America has become one giant bubble, and just like the housing bubble that nearly felled Wall Street, it will finally burst either because Americans cannot pay or Americans refuse to pay.

Don’t be fooled by the sermonizing of those who live off of the debt and warn us that it must be perpetually increased in order to maintain our moral standing in the world. Bankruptcy is as American as apple pie and more so than Starbucks.

The founding fathe! rs contemplated bankruptcy before the Bill of Rights with good reason: a liberal bankruptcy code would allow Americans to take risks unthinkable in other countries. And so it’s been for nearly a quarter of a millennium.

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