The Debt Ceiling Charade
July 14, 2011
The circus surrounding the debt ceiling makes interesting theater but all the babble is irrelevant. How the debt ceiling is eventually resolved only changes the timing and extent of the economic collapse. In that sense, it has no bearing on the ultimate fate of the nation.
But what a spectacle! Politicians fight for political points while blaming the opposition for unreasonableness, cruelty, and wanting the world to end. Journalists keep score as to which side is winning as if they were covering a major sporting event. Economists propose solutions to problems they still don’t understand.