Friday, May 20, 2011
Among economists, there is hue and cry over the expired national debt ceiling. Among average citizens, there doesn't seem to be much interest. Why is that? It would seem that no one believes yet what the impact of a national default or 40 percent cut in budget would create. Even in Congress there doesn't appear to be enough urgency. Republicans are playing brinkmanship and ignoring pleas from the White House and Treasury. One wonders when the meaning of the debt ceiling expiration will click in the minds of citizens, when they will start bombarding Congress to do something, when political pressure becomes so great that both sides fashion a compromise. It is apparently weeks away, and this demonstration of credibility, rather lack there of, will continue.