New Legislative Body - Super Congress

[Viper1]

Rath said:

HappySqurriel said:

 

How many Americans have debt that is almost 7 times their household income and are spending 50% more than they earn every month?

Yes the American deficit is well and truly out of control at the moment (and yes trillions of dollars do need to be made up in savings and/or revenue), that doesn't mean that having a constitutional inability to spend more than is earnt in any given period won't be crippling. In developed countries even the healthiest economies sometimes have deficit years.

It's only crippling if something is dependant on more credit expansion.   Which could be negated by savings or even intelligent investing anyway.

Reigning in the debt ceiling doesn't cripple growth, it cripples mal investment.  It cripples the moral hazards.   It cripples Keynesian economic policies.   It cripples the bubble expansion. 

Don't know about you but I can learn to live with that cripple handicap.