Former Reagan and Bush economist Bruce Bartlett called for the abolition of the debt ceiling in a blog post at the New York Times Monday, saying its use as a political tool only increases the potential for economic disaster. Bartlett: “It is nothing but grandstanding for members of both parties to vote routinely for legislation they know create deficits and then profess shock and horror that the debt limit must be increased as a consequence.” Bartlett writes that there is “not one iota of evidence” to show the limit acts as a constraint on government debt, concluding that abolition of the limit, while unlikely, is necessary. “The only way to avoid disaster in this sort of game,” Bartlett writes, “is not to play.”
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