Friday, July 15, 2011

Why The Debt Ceiling Debate is Meaningless -- Not a Bakken Story

Link here.

When the writer adds these to the list of things that will be hurt by the US defaulting, all credibility is lost, and my anxiety goes away:
Art lovers, beachgoers, and public TV viewers. A long list of "discretionary" federal programs has been targeted for cuts or elimination, and those could end up getting whacked right away.
According to the article, a default would have huge national and global impact: most likely a US recession; social security recipients would not get their checks; government workers furloughed; maybe military would not be paid; and then the writer says that art lovers, beachgoers, and public TV viewers would be hurt. Give me a break. Those last three categories are the least of my worries.

As a reminder, in 2006, every -- repeat, every -- Democratic Senator, including then-Senator Obama, voted against raising the debt limit