In this piece, Michael Pento argues against the “conventional wisdom” that the feds must be allowed to borrow more, lest our credit be harmed. Pento writes, “The majority of politicians in both houses of congress believe that not raising the debt ceiling would impugn the full faith and credit of U.S. Treasury Debt. In sharp contrast, it is our habit of raising the debt limit without getting our deficits and entitlement obligations under control that poses the most threat to Treasury prices.”

Exactly. Those who argue for increasing the debt ceiling are like “friends” of a drug addict who tell him, “Going off drugs now would be too painful; you should taper off some time in the future.” Of course, that day never comes.