Originally Posted by ElasticNinja
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.
It's easy to criticize as an outsider, and be misled by phony "issues" that don't matter nearly as much as preventing the US from falling into a deep economic depression. The truth is that the US government almost always operates runs a deficit. It's no big deal, and even less important right now, with interest rates in negative numbers.
The last time the US federal budget was balanced was three years during Bill Clinton's Presidency. Why was there no hue and cry when the Bush administration was racking up massive deficits?
The fact of the matter is that there are numerous economic plans floating around. The credulity of the plans matters far less than the efficacy
of each. We need a plan that actually works!
President Obama's stimulus plan (which is based on FDR's plan to raise the US out of the Great Depression
) worked. It worked once, and can work again. That's all that matters.