Saturday, April 30, 2011

Rep. Rick Crawford Gets An Economics Lesson

Republican Rep. Rick Crawford said he will not vote to raise the federal debt ceiling. The ceiling is at $13.95 trillion. Crawford told voters at a townhall meeting that the debt can be paid off by making cuts to the EPA. The debt ceiling has to be raised this summer. People in the audience asked him if he is going to let the United States default.

Crawford said he won't let the United States default and he won't vote to raise the ceiling. It is fiscally impossible to cut our way out of defaulting before the summer. Crawford is right that incurring more debt isn't a longterm solution. I really don't think Crawford understands that the United States, the federal Reserve and its lending institutions would default if the ceiling is not raised. Crawford isn't going to find $13.95 trillion in cuts in the next month.

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