re: Republicans refusing to vote to lift the debt ceiling

If I were the opposition I would do the same thing. I would make the Dems accept full responsibility.

The public sector debt is so huge that it’s distorting the economy. It’s so massive that debt service would become impossible if interest rates rose to anything like normal. So the Federal Reserve is forced to keep them abnormally low. The latter encourages speculation and the taking on of more debt by the private sector.

To make an issue of it, all the opposition would have to do is show a graph of the acceleration of the debt in recent years. It’s ridiculous.

This might be a sign that, at this point, the capitalist system would no longer be viable without having the government buoy it up via deficit spending.