Robert Samuelson has an interesting column in the WaPo today, where he asks the question, "Could America Go Broke?" By which he means, could we default on our debt to the point where we would no longer be able to borrow from investors within and without and thus would effectively enter some of kind of bankruptcy as a nation, whatever that means.
Some think that Samuelson has a free-market, anti-Obama bias, and maybe he does. But that doesn't lessen the possible truth of his analysis in this column.
I believe we do face such a possibility down the road, with quite dire consequences. That's one of the reasons I think that endless talk of another 'stimulus package' by folks like Paul Krugman is not necessarily the answer. At some point, we have to move from being a debt society to becoming a productive society that lives within our means. We have not even begun to face up to that issue yet.
No comments:
Post a Comment