I highly recommend the words of Mohamed El-Erian on the debt ceiling debacle (DCB). He makes sense to me. I wish our political class was half as reasonable.
El-Erian added in an interview with Bloomberg, “When you look at the debt burden, there is a numerator and a denominator. We may end up creating so much damage to the denominator, which is growth of GDP, that what we do in the numerator, reducing the debt, may end up being insufficient.” This conclusion was also made by Nobel Prize-winning economist Paul Krugman, who noted today that the deal “will damage an already depressed economy“:
OK! Let’s work on both the numerator and the denominator!! Is there any way we can agree on that?
For further political comment, see What Would Eisenwhower Do?