Sunday, July 31, 2011

Debt Debate = Political Theater, says Gary North

The debate over the debt ceiling is political theater. There is no commitment to cut spending, because cutting spending creates negative voter responses by specific groups who vote as a bloc. Politicians will not risk this. They prefer to vote for another increase in the debt ceiling, because the pain is diversified over millions of unorganized voters. These voters do not perceive the increased deficit as an immediate problem causing intense pain. They prefer to have Congress kick the can. That is what Congress will do.
Baloney, Gary North

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