by Thomas Sowell
The big news, as far as the media are concerned, is the political game of debt-ceiling chicken that is being played by Democrats and Republicans in Washington. But, however much the media are focused on what is happening inside the Beltway, there is a whole country outside the Beltway — and the time is long overdue to start thinking about what is best for the rest of the country, not just for right now but for the long haul.
However the current debt-ceiling crisis turns out, the current economic turmoil in financial markets around the world should cause some serious thoughts about the long run, and about the whole idea of a national debt-ceiling.
Some people may have been shocked when the credit-rating firm Moody's recently suggested that the debt-ceiling law be repealed, in order to avoid fiscal crises which can throw world financial markets into turmoil that can injure countries around the world.
Anyone who wants to show that Moody's is wrong should be prepared to show the actual benefits of the debt-ceiling, not its goals or hopes. That will not be easy, if possible at all.
1 comment:
The United States has be supporting many nations for over a hundred years.
We have taught them to become capitalist , like ourselves , thus becomming competitive.
It is time to worry about ourselves , the turmoil in the world is a problem for each country.
The solution is simple , sink or swim. I choose to swim. The same goes for minorities , you can scratch with the chickens or fly with the eagles , but you WILL fly with my flag , The Stars and Stripes.
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