As President Joe Biden prepares to face off with House Republicans over the U.S. government’s debt ceiling, a majority of voters would rather have a government shutdown than to have Congress sign off on more spending.
A new Rasmussen Reports national telephone and online survey finds that 56% of Likely U.S. Voters would rather have a partial government shutdown until Congress can agree to either cut spending or keep it the same. Just 34% would rather avoid a partial shutdown by authorizing more spending…
The rest is behind a paywall. But you get the drift.
Rasmussen Reports — Jan 23, 2023
Debt Ceiling: 56% Prefer Shutdown
Debt Ceiling: 56% Prefer Shutdown
What percentage want a default?
ReplyDeleteAs an outsider what's amusing about this is how both sides are fighting over the 'empty chest' argument, rather than questioning whether there is a chest at all.
ReplyDeleteThere is a mighty tome called Principles of Federal Appropriations Law. It doesn't mention the Federal Reserve or the TGA once.
Where does the empty chest argument come from? It seems to me that it comes from a belief in tax first, spend later. Reverse that and there is no empty chest - and no authority for the Federal Reserve to refuse an order from Treasury to make a payment.
What needs to happen is Treasury makes a payment, the Fed refuses it and then that goes to court to see whether the Fed has the authority to refuse a Congressional payment request.
This mirrors the 'growing produce' debates in the UK from the early 19th century.
“ Where does the empty chest argument come from?”
ReplyDeleteIt comes from their liberal Art degree education…. it’s a figure of speech…
Then if you don’t understand the figurative you have to read it as literal or what I (science degree) would say they read as real…
The whole monetarist Art degree Theory is a reification error….
They all believe and are training young people to believe munnie is real …
Let these dumb f'ckn Americans suffer once and for all. Shut the fucker down.
ReplyDeleteIt won’t be a big deal in real terms..,
ReplyDeleteCovid shutdowns we’re a big deal in real terms and we got thru that relatively unscathed…
This whole “debt ceiling!” is a big ex post paper pushing thing …
Accountants don’t run the world..,
We should just default then we’ll figure it out from there…
It will be revealing..,
Everything works this way…
Not to mention that half our people believe that they would never want our gov't to create hand outs for anyone. So they do not want to understand the truth about our money.
ReplyDeleteWhere does the empty chest argument come from?
ReplyDeleteSame place "loanable funds" and "lump of labor" come from, as well as "money" and host of other weasel words in economics and finance.
As Matt says, the source is figurative speech based on reification of abstractions. The type of thinking is based on logical fallacy and cognitive-affective bias, as is much if not most uncritical thinking, like confusion of stocks and flows.
Need some "rectification of names" (Confucius)
Need some horsewhipping (Old School of Hard Knocks)
ReplyDeletehttps://twitter.com/jsolomonreports/status/1617956596239241226?s=46&t=sQRlmDERHHegnEQwMhd_jA
ReplyDeleteEconomist Steve Moore: US debt ‘is the cancer cell right now on our economy,’
These dudes probably going to be bullish going into a default?
“Crowding out!”
🤔