Friday, July 15, 2011

Political Kabuki

President Obama has threatened not to issue Social Security payments unless the August debt ceiling increase happens. This was a transparent attempt to frighten your grandmother.

Peter Morici, an economics professor and former Chief Economist for the U.S. International Trade Commission, has a column for The Detroit News in which he explains how the government can sidestep the debt ceiling and still pay its most critical bills. Why do I suspect Washington has known this all along?