Debt Ceilings, Bombs, Cliffs and the Trillion Dollar Coin

by Jeffrey Frankel, Jeff Frankel’s Weblog Needless to say, the US has a long-term debt problem.  The problem is long-term both in the sense that it pertains to the next several decades rather than to this year.  (Indeed, the deficit/GDP ratio has been falling since 2009, despite the weakness of the economy.)   The problem is …