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DR. MARK W. HENDRICKSON: THE DEBT-CEILING DANCE AND THE ANNUAL BUDGET RITUAL |
In what amounts to a high-stakes game of ‘chicken,’ the big spenders always win, because the fiscal conservatives always blink. They know that a majority of the public fears the disruption of a government shutdown today more than they do a potential major upheaval at some unspecified date in the future. We fiscal conservatives have come across like the boy who cried, ‘Wolf!’ We have warned about the perils of red ink for years, but Armageddon hasn’t come. I think we will be proven right eventually, but we can no more foretell when the federal debt will blow up than one can predict which straw will break the camel’s back.
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