Federal Reserve Chairman Ben Bernanke on Monday urged U.S. lawmakers to lift the country’s borrowing limit to avoid a potentially disastrous debt default, warning that the economy was still at risk from political gridlock over the deficit.
Likening Congress to a family arguing that it can improve its credit rating by deciding not to pay its credit card bill, Bernanke said that raising the legal borrowing limit was not the same as authorizing new government spending.
Not the same as authorizing new government spending? Has he met this president?
Welcome to the PermaCrisis, the political sleight of hand designed to create a permanent state of anxiety for the American public in the hopes that we don’t notice what else our “representatives” and an Executive Order happy POTUS are up to. And all the players have their parts in making sure we’re hitting the Xanax.
“We’re not out of the woods because we are approaching a number of other fiscal critical watersheds coming up,” Bernanke warned on Monday.