The Case to Raise the Debt Ceiling in 58 Seconds
Courtesy of Jonathan Chait I learn that FrumForum contributor Douglas Holtz-Eakin has been making a series of short YouTube videos about economic policy.The most popular video (16,659 views compared to the runner up at 790 views) has Holtz-Eakin in front of a white board explaining why the debt ceiling has to be raised, because otherwise the government can't pay for any services that people actually use:
Holtz-Eakin is able to make this case very clearly in 58 seconds. So why does presidential candidate and presumed Iowa caucuses favorite Michele Bachmann get away with campaigning on voting against raising it? Why does Georgia Congressman Paul Broun write op-eds for NRO arguing for a lower debt ceiling?
I understand the motivation of conservatives who only want to raise the debt ceiling on the condition of spending cuts, but are conservatives who don't want to raise the debt ceiling at all just unaware of the consequences? Or do they think we need a good recession to reset the economic system? It can't be that the consequences of their actions are hard to explain.