There's going to be a lot of reelin' and a-rockin' in Washington as we move up to the debt ceiling deadline, a lot of loud sounds pumping out from those stately buildings - the White House, the Treasury, the Federal Reserve - in a cacophony of misinformation, misdirection, distraction and...well, let's not be nasty. The key claim of the administration as we move up to the debt ceiling deadline is that Congress has a responsibility to maintain the good faith of the debt of the federal government. The administration will say that should Congress not raise the debt ceiling, that will have a catastrophic effect on federal debt, the standing of the United States, and on the world economy. Which would be a pretty compelling argument if it were true. But it isn't. Except for those very rare years when the federal government runs a surplus, the United States, like virtually every country in history, does not repay its debt. But if it doesn't repay its debt, what does it....
(Read Full Article)
Print
COMMENTS ON AMERICANTHINKER