If Congress does not raise the debt ceiling, the result will be no different than the Jones family deciding that they have maxed out their credit cards, and that if they continue borrowing and spending over their means, there will be significant pain to the family at best and bankruptcy at worst.

The economics of government is no different.

Mr. and Mrs. Jones want to be able to provide for themselves in their retirement and hopefully leave a little something after they are gone to provide a better life for their children and grandchildren. They understand living in the moment and not planning for the future is a plan for failure.

The economics of government is no different.

The Joneses know if they stop borrowing they will not become destitute, or default on their loan payments and obligations, because they will continue to work and earn income. (Just as the government will still take in tax revenue) They know that if they reallocate and budget, which includes paying the interest and some of the principle on their credit card debts, and live within their means -- nothing disastrous will happen!

The economics of government is no different.

The Joneses know they have a spending problem -- not a revenue problem, and their extravagance must end. They will have to define what is essential for the family to provide stability. This will not be fun or easy, but the Joneses know their free spending choices have costs and they have decided personal responsibility to their accounts now is better than painful accountability later.

The economics of government is no different.

Sure the kids will whine and their friends will begrudge losing the benefits of cozying up to their big-spending neighbors; but the basic family obligations of securing the home, providing food for the table, and making sure the children have clothes will ensure the health of the family.

The economics of government is no different.

If the Joneses want some things they can't afford, they can become more efficient, increase their productivity, sell some of their assets, hold a garage sale, or just plain save for that special purchase on a rainy day.

The economics of government is no different.

Over time the Joneses will adjust to their new financial way of life, pay off their bills, and get back on solid economic footing. At that time, they will have the option of having more credit extended to them because their credit rating will not only be secured, it will be enhanced.

The economics of government is no different.

Character and integrity are important to the Joneses, because living up to their commitments is not a slogan, it's a moral obligation. Over time the self-respect they have shown turns those who were once resentful of their bounty and scornful of their austerity into neighbors who view them with admiration and strength.

The economics of government should be no different.

If Congress decides to stop borrowing money and not raise the debt ceiling -- nothing disastrous will happen! And any attempt to prove otherwise is futile because it's just not true.