Although the current heat wave in Minnesota is evidence to the contrary, summer is turning to fall. Among other things, this means a return to politics as usual in Washington. One of the first things we can expect is another batch of stories about the need to raise the debt ceiling. Matthew Ygelsias at Slate has a preview here.
Mr. Ygelsias renews his pitch for the treasury department to issue a platinum coin to end the debt ceiling dispute. Back in January, Mr. Torvik explained why this is a terrible idea. Sadly, Mr. Ygelsias either did not read Mr. Torvik's post or was not convinced by it. So one could say that a summer that started on a the high note of Jeffrey Toobin pledging to stop predicting Supreme Court decisions based on oral argument is ending on the low note of an economics pundit continuing to flog a really bad idea. Or perhaps we should take the view that 1 out of 2 is not bad.