“What about defaulting on [exploding government] debt? San Jose State University economist Jeff Hummel has written that government default would be ‘a balanced budget amendment with teeth’ because it would be hard for the [government] to borrow after stiffing their creditors. Bruce Bartlett argues that default ‘would constitute a grossly immoral theft of trillions of dollars from those who loaned money to the federal government in good faith.’ Really? It’s worse to default on creditors who took a risk than to forcibly take money from taxpayers who have no choice?” [emphasis added]
- David Henderson, “Bartlett on Tax Reform”[Hat tip John Cochran]
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Wednesday, 27 February 2013
QUOTE OF THE DAY: How to handle exploding govt debt
1 comment:
We welcome thoughtful disagreement.
But we do (ir)regularly moderate comments -- and we *will* delete any with insulting or abusive language. Or if they're just inane or off topic. It’s okay to disagree, but pretend you’re having a drink in the living room with the person you’re disagreeing with. This includes me.
PS: Have the honesty and courage to use your real name. That gives added weight to any opinion.
Also they are defaulting on super pension, free medicare and free education and that sort of stufs- especially the stuff for old geezer folk. Ok since all them old geezers know fully that these "freebie" gifts are extracted from other people by threats fraud coercion & initiation of force. Default is better than the other thing
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