The Tea Party’s circular logic

posted by
August 16, 2011
by Simon Johnson  
Posted in Commentary, PND Commentary

"America's Tea Party has a simple fiscal message: The United States is broke. This is factually incorrect -- U.S. government securities remain one of the safest investments in the world -- but the claim serves the purpose of dramatizing the federal budget and creating a great deal of hysteria around America's current debt levels. This then produces the fervent belief that government spending must be cut radically—and now." [editor's note: Tell the creditors swindled in the 1972 default that lending to US politicians is "safe" - TLK] (08/16/11)  

Tags: ,

Our Sponsors