Moral Outrage
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Posts Tagged ‘debt ceiling

Why has the US Government made a total mess of a solvable economic problem?

August 11, 2011

Does anyone really know what we have experienced on the global economic scene? Even Nobel Prize winner and economist Paul Krugman writes, “I’m still trying to make sense of this global intellectual failure.” Policy makers almost everywhere have failed dismally, and seem determined not to take on board the lessons of experience, either historical or […]

Joint Chiefs of Staff Chairman Mullen says US Debt Biggest Threat to USA

August 4, 2011

Just because there’s a deal to raise the federal debt limit doesn’t mean the United States is any safer, Joint Chiefs of Staff Chairman Adm. Mike Mullen has said. “I haven’t changed my view that the continually increasing debt is the biggest threat we have to our national security,” Mullen said during a meeting with […]

Obama Surrenders to Republicans on Debt Ceiling Agreement

August 2, 2011

Excerpt of New York Times article by Paul Krugman, professor of Economics and International Affairs at Princeton University: Many commentators declare that disaster was avoided through the deal to raise the federal debt ceiling. But they are wrong. For the deal itself is a disaster. It will damage an already depressed economy; it will probably […]

Global repercussions of US debt ceiling agreement

August 1, 2011

Just as a default by the U.S. would have had an outsized impact on the global economy, due to the unique position of America in the world, a deal struck to alter the direction of fiscal policy will also have a tremendous effect. The decisions will reverberate through the world economy for years to come. […]

The countries in the AAA debt club

July 31, 2011

Amid the contentious debt ceiling debate, the United States is at risk of being booted out of a prestigious group of 17 countries that boast a spotless credit rating. Triple-A rating enables nations to borrow funds at a low cost, because their governments are considered stable and their bonds safe. Germany, Canada, France, Norway, Sweden, […]

Solving the Debt Crisis is Easy

July 30, 2011

As one who teaches Economics 101 and, as a professor and international consultant who makes a career out of giving macroeconomic advice to other countries, I find the current impasse in the United States both appalling in its potential risks and frustrating in the simplicity of the solutions that are hardly even talked about. The […]

The United States Defaulted Long Ago

July 29, 2011

The mainstream media acts as if not raising the debt ceiling by August 2nd will result in America defaulting. This is a crock. America chose to proceed on a path to default decades ago. We are just finally reaching our destination. Below are the choices we made as a people and a country to default […]

Downgrade of the US AAA credit rating

July 29, 2011

A downgrade of the United States’ stellar AAA credit rating seems likely. The White House had been alerted repeatedly over the past month by rating agencies that without a strong, long-term plan to restructure the country’s debt, they would lower America’s credit rating as soon as today, according to two officials familiar with the process. […]

IMF warns US debt ceiling delay will damage world economies

July 28, 2011

The International Monetary Fund urged the United States to swiftly raise the debt ceiling to ward off risks of a credit downgrade that could damage the global economy. Facing an August 2 deadline after which the United States may not be able to issue more debt, both sides have so far refused to compromise on […]

What happens if Congress does not raise the US debt ceiling?

July 25, 2011

What happens if lawmakers fail to act by the Aug. 2 deadline? A failure to raise the debt ceiling would send shockwaves through the underpinnings of the financial system — and possibly ripple out to individual investors and consumers. If the debt ceiling isn’t raised, the federal government won’t be able to pay 44% of […]