Originally Posted by Speed Daemon
And the drumbeat goes on...
Like it or not, but the creditors of US sovereign debt will not be swayed by misdirection, misinformation or anything other than the interest payments that are due to them.
Refusing to keep up this mandatory responsibility is not a legitimate political issue; it's mandatory!
You see, I think there are elected officials in the US who think default wouldnt be too bad, who subscribe to some sort of ultraliberal economic philosophy on this. The US doesn't have a credible plan for reducing its deficit, nor its debt to GDP ratio.
The US does not have an economic plan as such. In every other country there are people crunching numbers regarding the future - health costs, retirees, etc, and looking for ways to deal with this. They exist in America too, except the people with power don't care.