Robert Higgs, editor of the Independent Review, explains why the world won’t end if the US debt ceiling isn’t raised, administration scaremongering on US “default” even though there’s no risk of missing bond payments, the government’s ability to cut spending, revise budgets and sell assets to meet debt obligations, the backloaded “cuts” in the compromise deal that target projected increases in spending and don’t cut the budget at all, what a rating agency downgrade means, and how likely it is, and why stagflation (as bad as it is) is the best economic outcome we can hope for.
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