Friday, July 29, 2011

More on the Debt

There is a great editorial in USA Today this Friday.

The title is: Misinformation mars debt-ceiling battle. It details five myths going around about the debt ceiling. They are:

The debt limit is a blank check.
'Default' warnings are just a scare tactic.
Failing to raise the limit is not that big a deal.
Aug. 2 isn't a real deadline.
All we have to do is tax the rich.

Each topic is covered very well. Some great points are brought out.

I really like how the editorial ends:

As it is, none of the surviving plans on Capitol Hill calls for tax increases or for significant changes in the benefit programs that are driving future deficits. Both are necessary. This suggests one more myth — that debt-ceiling brinksmanship is a good way to bring about needed change or run a country.

I might add one more thing. No matter what happens there will be very limited impact on the politicians but there'll be a huge impact on the rest of us. Because of Congress' inability to act responsibly, the rest of us should not have to suffer because of it.

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