Contrary to the line Obama and his statist allies are taking, Jagdeesh Gokhale of the Cato Institute argues that it won’t wreck “our fragile economic recovery” if Congress says no to raising the debt ceiling.
Our economic recovery depends on people in business finding opportunities to efficiently produce goods and services consumers want. They will employ more workers when they do so. That has nothing to do with increased government borrowing to pay for all of its expenditures, except that the more the state consumes, the harder it is for businesses to start and grow.
The title of a book by Albert Jay Nock sums up our situation very well: Our Enemy the State.
