Reply #41: Lumberjack Jeff. You are correct but that's not the point [View All]

[econoclast]

Of course the bonds in the SSTF are redeemable full faith and credit etc and will be honored. But where does the money to DO THAT come from? Lower spending, raising taxes. Borrow more. How much of each? Which programs? Which taxes?

That is the hard part and it HAS to be seriously addressed. But having the political class saying "there is no problem" is courting disaster. We, as a country, need to begin the heavy lifting on this issue NOW before it is too late and decisions are forced on us by our creditors. It's fine if we don't agree with each other just now on what the solutions should be. We'll hash that out. But we need to begin that debate while we still have options.

Pooh poohing it as right wing gibberish is foolish in the extreme.