If the GOP reps can obstruct,
Our economy's fatally,
Fittingly, fecklessly f***ed.
Simon Johnson writes in Project Syndicate that some Tea Party Republicans hope that a US default will radically reduce government's role in the economy,
But the consequences of any default would, ironically, actually increase the size of government relative to the US economy – the very outcome that Republican intransigents claim to be trying to avoid.
The reason is simple: a government default would destroy the credit system as we know it.
Hat tip to Tess Vigeland of Marketplace Money.