EconoMeter: Does it matter if Congress can't agree on debt ceiling?
Dean Calbreath, SAN DIEGO UNION-TRIBUNE
Sunday, April 10, 2011
Kelly Cunningham, National University System
However, the greater threat to the U.S. economy is continuing to unabashedly spend the nation into effective bankruptcy with perpetually increasing debt. Raising the debt ceiling only postpones the inevitable crash. Spending non-existent money in an attempt to direct the economy is leading to collapse just as every Ponzi scheme eventually fails. A ceiling on debt will eventually be imposed by America’s creditors. Expanding the money supply like any other banana republic is the worst case scenario, yet that is what the Fed is calling “quantitative easing” and allowing Congress to drive the economy over the financial cliff.