It's a Debt Ceiling Crisis, Not a Debt Crisis

The NYT headlined a section that gave some facts on the size of the debt, its holders, and the reaching of the debt ceiling, "Charting the American Debt Crisis." Actually, there is no debt crisis. Investors were willing to lend the U.S. government trillions of dollars at very low interest rates. There is no evidence that this was about to change any time soon. The United States and other countries have had much higher debt burdens and still faced no problem borrowing.

The problems at the...