The always-looming debt ceiling apocalypse is a ‘totally manufactured crisis’

The Real News Podcast · Oct 6, 2021 · 21m

Just about every year, like clockwork, the issue of raising the federal debt ceiling generates apocalyptic and platitude-filled proclamations of impending doom from politicians, as well as breathless coverage by the mainstream press. Then, in the blink of an eye, lawmakers inevitably raise the debt ceiling and the issue disappears down the national memory hole as the news cycle moves on. Rest assured, the consequences of not raising the debt ceiling would be catastrophic, and with Treasury Secretary Janet Yellen warning Congress that the federal government will run out of cash and…