… it is the folks who don’t want to borrow another $31 trillion who are guilty of destabilization.
October: “U.S. National Debt Tops $31 Trillion for First Time” (nytimes)
This month: “Speaker Drama Raises New Fears on Debt Limit” (nytimes)…
Representative Kevin McCarthy of California finally secured the House speakership in a dramatic vote ending around 12:30 a.m. Saturday, but the dysfunction in his party and the deal he struck to win over holdout Republicans also raised the risks of persistent political gridlock that could destabilize the American financial system.
Economists, Wall Street analysts and political observers are warning that the concessions he made to fiscal conservatives could make it very difficult for Mr. McCarthy to muster the votes to raise the debt limit — or even put such a measure to a vote. That could prevent Congress from doing the basic tasks of keeping the government open, paying the country’s bills and avoiding default on America’s trillions of dollars in debt.
The only way to stabilize our economy and currency is to borrow and spend more!
Speaking of the economy, here are a few photos from my old neighborhood in Cambridge, Maskachusetts. The marijuana stores are thriving while the bicycle shop went bankrupt: