Here is the interview, courtesy of American Public Media:
You can read the full text on the Marketplace website; the listeners' limericks can be found here.
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. "The bottom line to the debt fight may be a Washington rule of thumb about the two parties:
Democrats hate tough budget votes — as evidenced by the Senate’s failure to even bring up a budget for so long. And Republicans love tough-sounding votes but often fix the deck so they lose and can score political points without having to live with the results.
That’s why the debt ceiling presents such a quandary: It requires both parties to take a tough vote — and it must pass."
A limerick's hard to complete/In the space of a typical tweet/Haiku, it is true/Are simpler to do/But not a remarkable feat. #NYCpoetweet— Dr. Goose (@DrGooseEcon) April 6, 2012