The number of Americans now depending on the use of credit to buy the basic necessities has increased significantly. This is one of the scariest stories I have seen in a while.

Given that the federal deficit is basically the only thing that almost every major political figure has been talking about, the fact that the deficit only ranks as a top issue with 16 percent of the country is truly remarkable. I suspect the issue wouldn’t even rise above single digits if politicians and pundits hadn’t been continuously force feeding the public deficit hysteria for months.

The word debt means simply to owe something, its definition is not just limited to official financial products such as bonds. Thinking the word debt only refers to financial products is what I believe is the core mistake with Kevin Drum‘s argument that the debt ceiling vote could be constitutional. Maybe I’m missing something here, [...]