Quote:
Originally Posted by Tinordi
To be clear I'm not saying that this is a non-issue. I was arguing to a poster's claim that this was happening because of impending financial collapse. It's not. It's happening because of an arbitrary political limit subject to, it appears only the U.S. of the wealth nations.
To belabour the point, the U.S. isn't being dragged here like how the EU is because of market limitations. It's a domestic political limitation. Big difference. And a likely also a big difference in the fallout in the event of a default. Although a default under any situation is very bad.
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Agreed. The debt ceiling is an artificial creation which no other G7 country invokes.
It reminds me of statuatory balanced budgets amendments at the state level. It unnecessarily handcuffs government with artificially created laws in the guise of living within one's means using the metaphor that families are forced to live within their means.
Of course, these same families never ever take out equity loans to improve their houses or student loans to improve their employment prospects since they always pay cash....right?
Families never get into good debt nor should the govt....right?
Shortsighted people with no perspective using false analogies. It would be so funny if it weren't so sad.