Debt rating agency Moody’s suggests this morning it would be better if America didn’t have a debt ceiling at all. This is throwing the baby out with the bathwater.
Having a debt ceiling didn’t cause our debt problem. Overspending did. The point to get here is that this fight is a good thing because it is starting to engage the public in a discussion we need to have. Removing the debt ceiling in order to avoid fights about debt ceilings will remove the superficial problem while only make the real problem worse.
All the more reason Kentucky needs a state debt ceiling. Frankfort over the past decade has taken full advantage of borrowing money as fast as possible with an implicit green light from the people of Kentucky. We already can’t afford the debt we have at the state level.
We can’t win the debt fight in Washington D.C. until we cut spending and we can’t even start the fight in Frankfort until we start talking about tying the hands of state politicians — Democrats and Republicans alike.