The United States is the only country in the world besides Denmark that has a debt ceiling, and Denmark’s is intentionally set so high that it will never be reached. So why do we have one? Historically, it was put in place during World War I so that congress could quickly deal with the need to rapidly increase debt. It was never intended to be what it has become, which is a source of political leverage.
This is not a partisan political discussion, incidentally. I am a political moderate. I think that history has already demonstrated that no ideology is ever inclusive enough or flexible enough to meet all the problems it encounters in the real world, and therefore that they should all be discarded.