Austan Goolsbee, chairman of the U.S. Council of Economic Advisers, said if Congress fails to raise the debt ceiling, the “impact on the economy would be catastrophic.”But if we can't do that, then we will try for a less liquid version of government chickens.
“I don’t see why anybody’s playing chicken with the debt ceiling,” Goolsbee said today on ABC’s “This Week” program. “If we get to the point where we damage the full faith and credit of the United States, that would be the first default in history caused purely by insanity.”
Bartlett chimes in:
Since I first started writing about this danger, some of these nutty right-wingers have been elected to Congress under the Tea Party banner. Since many have never served in elected office before and know virtually nothing about economics or finance, I don’t think they realize that they are playing with fire when they even hint at the possibility of a debt default. They are like children playing with matches.Yes, playing with matches, we play where we find fire, we tame it.
Here comes Brad:
Budget-Arsonists-Wearing-Firechief-Hats Watch: Greg Mankiw vs. Greg MankiwJust trying to get the number of fires to match the number of fire chiefs.
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