Ruth Dudley Edwards: US can't cut it in debt debate without making savings
The world won't come to an end if Tuesday's deadline to resolve America's fiscal crisis is not met, argues Ruth Dudley Edwards
Published 31/07/2011 | 05:00
I FEEL depressed reading most American newspapers. Their editors are grave people who value the portentous and think entertaining readers an unworthy populist aspiration. Such papers are in their element now, churning out page after page of unreadable high-minded handwringing about the deadlock on Capitol Hill.
True, there's plenty to be grave about. The Obama administration set a deadline of Tuesday for agreement to raise the national borrowing limit. If this isn't met, apparently the government will have to default on loans, federal salaries, pensions, social security and God knows what else will go unpaid, US credit ratings will be severely downgraded and the markets will go mad -- and not in a nice way. Financial apocalypse now.
So as my new hero, the Washington-born Arab-American comedian Remy Munasifi simplifies the government line in the chorus to his rap: "Raise da debt ceiling!/ Raise da debt ceiling!/ Raise da debt ceiling!/Raise da debt ceiling!"