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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