Saturday, July 30, 2011

Alan Blinder on the Debt Ceiling

Alan Blinder gives some straight talk on the idiocy of the debt ceiling fight.

As he point out, this fight is unnecessary and disruptive. The focus should be on unemployment and getting the economy growing which implies short term spending, not austerity!

I like his bit where he say "Washington is shooting itself in the foot with this 'debate'. The debt is a non-issue. It is a legacy of the past. Unless somebody can figure out how to go back into the past and fix it, it is irrelevant. What is needed is policy for the future that gets spending decreased to control deficits". But all the hysteria in Washington right now ignores this basic fact.

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