The debt ceiling ‘crisis’

Furman University Associate Economics Professor Jason Jones answers the question “when is a crisis really a crisis?” in a piece he wrote for Greenville Business Magazine (see page 11). Jones unpacks the so-called debt ceiling “crisis” by identifying where the bulk of U.S. debt originates, and he offers an historical perspective on the U.S. debt to GDP ratio. Jones proffers a way to avert a looming disaster, but for now, he says the debt ceiling debate “has done nothing to address the real issues surrounding our national debt.”