You know, I got thinking this morning. I spent GW’s administration studying constitutional law. It looks like I’ll be studying macroeconomics for the next couple of years, with a dash of what – sociology? – thrown in, watching London.
Who says there’s no silver lining?
But what was the biggest, most time and media and attention-consuming economic debate in this country in recent months? Was it which are the best jobs measures to get America back to work? Was it how many more rounds of easing should the Fed undertake?
No. It was whether to raise the debt ceiling or default.
Yes, there are many policy makers who either don’t understand these dynamics or are purely politically motivated. Some are cynically and solely driven to make the President look bad, with no regard for collateral damage. Others are acting on the belief that smaller government, and thus cuts and further austerity will allow growth to flourish, despite daily evidence that this is backwards.
If you are Ben or Barack, IMHO, you need to ignore them from here on in.