The Idea of Making a 'Trillion Dollar Coin' Is Still Dumb

Here we go again. Every few years in Congress there is a purely political battle over the debt ceiling. We’re supposed to be horrified and worried that the U.S. might default on some of its debt. Some commentators will insist the U.S. has never defaulted, and that default be a disaster. (That’s wrong, by the way. The U.S. has defaulted before.)