This is from James:
The reason why the rest of western civilization, the majority of living economists, the world markets, most people on the floor of the US stock exchange, most businesses who are following the drama, the CBO, the president, the Senate, and the majority of American voters in every major recent poll support Reid’s plan over Boehner’s plan is that Boehner’s plan seeks to redo this entire farce again in 6 months. In other words, Boenher wants to continue the damage that is being done right now to the national prestige, credit rating, and status as a safe haven for investment while Reid wants to postpone it for at least another 12 months. We don’t even have to delve into the affect extreme austerity measures will have on economic growth and job growth to see that the debate getting us there is itself a drain on our economic growth engine.
I stand in awe that you all are convincing yourselves that the current debate is productive. It comes off like a self defense mechanism. First, serious damage has already been done by the very nature of the debate itself. Second, doing this all over again in 6 months would do further tangible damage to the national credit. I’m surprised, really, in your abilities to ignore the obvious. I became interested in economics, and consider myself a Conservative, because I value sober analytics to emotional/idealistic appeals. I don’t see how anyone of a similar mindset can view the current debate as beneficial to the country.
By the way, by this measure Apple now has a greater cash reserve than does the U.S. government.