This cartoon from this week’s Economist magazine summarizes how I feel about the debt limit debacle going on in Washington right now. While I think there is blame to be shared by all sides, the obstinacy of the Tea Party Republicans to not accept any revenue increases, even if they are only in the form of closing tax loopholes, shows a fiscal illiteracy that is reckless. The deficit cannot be tackled through spending cuts alone.
I was discussing this over lunch this afternoon with a mixed crowd of Thais, Australians, and a Canadian. They all would like to know why American politicians are behaving like this. I’d like to know, too.