We have exceeded the Federal Debt limit, and Congress is debating the issue. Speaker Boehner wants to match any increases dollar for dollar with corresponding spending cuts, Majority Leader Reid is holding out for tax increases “on the rich” and big oil.
If this sounds like a broken record, it is. The following is from a thread at Maclectic originally posted in Jan, 2010.
In Fear the Boom and Bust, John Maynard Keynes and F. A. Hayek, two of the great economists of the 20th century, come back to life to attend an economics conference on the economic crisis. Before the conference begins, and at the insistence of Lord Keynes, they go out for a night on the town and sing about why there’s a “boom and bust” cycle in modern economies and good reason to fear it.