Friday, July 15, 2011

The debt limit shenanigans

I've not been posting on economic matters here of late, but have commented on the debt limit debacle on the Steele-Wolfram blog. To summarize, I think it is crucial that the U.S. government get the debt problem under control, and the primary way to do this is to cut spending. Rationalizing the tax system is important as well.

As for the debt limit, anyone who thinks it is a good idea to not raise it has no idea what they are talking about. Not raising the limit runs the risk of triggering another financial crisis... hardly the way to balance the budget.

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