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Fareed, whom I like, seems to be moving to the left.
Fareed Zakaria says: But as you watch the dangerous game of chicken in Washington, it is easy to conclude that the U.S. has lost a serious governing class and has become a place where ideology and talk-radio rhetoric have replaced the business of governance. That Republicans would consider playing games with America's creditworthiness is not simply terrible public policy but also, as Richard Stengel pointed out in the previous issue of TIME, almost certainly unconstitutional.
Fareed apparently doesn't know that it takes two to play chicken.
One characteristic of current liberals is the belief that if the debt limit is not raised, then the things that don't get paid must be our loans and interest. They apparently cannot concieve of not paying something else - like say - part of the SS for people whose incomes are over 50K; subsidies to oil companies, farmers etc.; payments for medicare for people whose incomes are over 50K.
I am liberal enough to not want to do those things, but rational enough to recognize that those possibilities do exists and might be better actions than defaulting on debt.
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Sunday, July 3, 2011
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Enough with the borrowing. We should either raise the money to pay for it or not spend it. As a further point of contention it was reported today that legal scholar Garrett Epps and fiscal expert Bruce Bartlett have both pointed out (in their opinion) that the White House, the executive, has the constitutional power to over-ride Congress on raising the debt ceiling under item 4 of the 14 amendment.
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