When Politics Trumps Economics

Via Political Wire:

Elvin Lim: “America is the only country in the world that has the luxury of creating an economic crisis when there isn’t one. Ours is the only democracy with a debt ceiling, with the exception of Denmark, which raises its ceiling well in advance of when it would be reached. Economists say that our ‘debt crisis’ is an unforced error, because people are more than willing to lend us money, at pretty good rates. This is the benefit of having a really good credit score.”

“And yet there are some who wish to call the credit card company to voluntarily reduce our credit limit after they just maxed it out. This tells us that politics triumphs economics in this country. That we ended up with so much debt is a result of politics, anyway.

Leave a Reply