You can't sleep, you can't eat
There's no doubt, you're in deep
Your throat is tight, you can't breathe
Another kiss is all you need
--Robert Palmer
Yesterday, a straight up or down vote in the House to raise the federal debt ceiling was trounced 318 no to 97 yes. No votes included all Republicans and nearly half of all House Democrats.
Small win to be sure, as there is widespread belief that Republicans will cave in negotiations proceeeding behind closed doors.
Politicians, and many constituents, continue to live in a dream world that has us borrowing and spending our way to prosperity. Witness the chatter about a default if we do not raise the debt ceiling. Like the drug addict pledging death absent another fix.
Denial? Ingorance? Pure political greed? Pick 'em.
Addiction is not just a useful metaphor here. It is our reality.
Which bids the question: Is it reasonable to expect addicts to vote themselves away from their addiction?
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Also keep in mind that even if the debt ceiling weren't increased, the Treasury could still roll over its debt as existing bonds matured. The only thing the Treasury couldn't do would be to issue more debt.
~Robert Murphy
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