Paul O’Neill Calls Opponents of Raising Debt Ceiling ‘Terrorists’
Former US Treasury Secretary Paul O’Neill calls the people advocating brinkmanship on the debt ceiling deficit "terrorists". He is 100% right. As I said during the government shutdown debate:
There is the possibility if this gets out of hand and spooks business, that it crimps economic growth, nascent job growth, and that this leads to a double dip recession and a debt deflation. Who gets blamed for that? I think the whole thing shows a recklessness in American politics that should be rewarded with a sovereign debt ratings downgrade. This is the sort of irresponsible brinkmanship that you don’t see in other developed countries – even Belgium. For me, it is a clear sign of the decay of American governance and the political system.
This is no way to run a country. With the whole Trump birther circus and the constant threats of defaulting on its debt, the United States looks more and more like a banana republic every day. If S&P wants a reason to downgrade the US sovereign debt rating, this is it.