To quote the famous Yogi Berra, “it's like déjà vu all over again” with the battle over ceremonially raising the debt ceiling.
According to the elected officials of our great nation, we must saddle our children and grandchildren with another couple trillion dollars of debt in order to protect them. This logic seems flawed.
In the coming week, we will see how the genius of Washington will save the American people from another crisis—a crisis that will bring Apocalypse 2.0, if the talking heads are to be believed. Markets will crash, 401(k) plans will be wiped out, a huge recession will ensue, and cats will be sleeping with dogs. It will be horrible!
But will it?
On Fox News last week, I discussed how we are being fed a line akin to being offered oceanfront property in Arizona. We have been fed this same line for years now. We got it in 2008 to approve the TARP and again in 2011 with the doom-filled sequester.
Did we suffer greatly?
Fact is, the markets came through just fine after the sequester, hitting all-time highs. The TARP was fully paid back, allegedly, with profit from banks who never wanted the money in the first place. Those same banks are now booking record profits. Yes, growth is anemic and employment is weak, but we seem to get through these frightening scenarios each time.
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