Wednesday, October 09, 2013

Ted Yoho Needs to Take an Economics Course

Sen. Tom Coburn went on CBS to claim that the United States will be able to pay its bills if the debt ceiling is not raised. The reality is the Treasury Department will be broke because it can no longer borrow money to pay its bills. Rep. Ted Yoho doesn't want to raise the debt ceiling. Ever. In fact, Yoho claims not raising the debt ceiling would be great.

“I think we need to have that moment where we realize [we’re] going broke,” Yoho said. If the debt ceiling isn’t raised, that will sure as heck be a moment. “I think, personally, it would bring stability to the world markets,” since they would be assured that the United States had moved decisively to curb its debt.

If the Treasury Department runs out of money there will be a credit freeze. The last time there was a major credit freeze was in 2008 after Lehman Brothers went under. The result was the biggest financial crash since the Great Depression. It should be required that candidates take an economics course before they run for Congress.

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