The debt-limit discussion would be far more reasonable if it were broadly understood that government has no resources. And by extension it has no credit. Please think about whom government attains its “credit” from while contemplating all the hysteria.
Take the Cato Institute’s Romina Boccia. She contends that “What’s missing from the debate is serious consideration of the potentially catastrophic longer‐term scenario the United States could face if spending and debt continue growing unabated.” You mean trillions and trillions worth of wealth extracted from the private sector over the decades wasn’t catastrophic? Isn’t Bastiat heroic inside Cato? Has Boccia stopped to consider the “unseen”?
Read Full Article »
