The So-Called Shutdown

Not just one, but two good comments; this time from Samizdata.

The first applies to the shutdown proper:

There was no hope once the politicians and media were fully on board with the “default” meme. There was never any possibility of a debt default. The government has plenty of money to cover debt service, which requires less than 10% of average monthly tax revenues. It could also have rolled over any bonds which came due. The only thing it could not have done was issue new debt in excess of the limit. True default was never a risk (not that it would have been the end of the world, anyway; the US has defaulted before). But when even the Wall Street Journal adopted that language (their article today about the congressional deal on “reopening” the government and increasing the debt ceiling began with “A potentially crippling U.S. debt default was averted late Wednesday . . .” there was no hope left. We all knew that the Republicans would cave. They always do. But they were not able to extract a single concession from Obama and Reid. Truly pitiful.

But as good as this is, this one is just as good:

The whole thing was an elaborate media event with little or no connection to any fiscal or economic reality.

SWMBO is generally disinterested in politics, which is one of the many reasons I love her dearly, but when watching the news or checking something on line, would become stutteringly indignant about this or that rhetoric regarding the supposed shutdown, and then would be mystified when I just laughed and said not to worry so much, it’s all just political theater anyway.

The quickest way to become misinformed is to pay attention to either politicians or the media about any subject. Reality rarely intersects with either one.

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