My feed reader had a post by Justin Taylor which included this video, which explains in very basic terms why the debt ceiling will be raised by the US government, current maneuverings notwithstanding.
My brain is still trying to comprehend the notion of 2.3 trillion dollars of income and 3.7 trillion dollars of expenditure.
The 1.4 trillion they will loan is over one-third of their expenditure.
Whoa.
The page has disappeared from Taylor’s blog.
This seems to be a very hot issue in the US at the moment.
(Posting this video does not mean I endorse the group who made it. I know nothing about them.)
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