Quote of the Day – Why I love Austan Goolsbee…

“Well, look, it pains me that we would even be talking about this. This is not a game. You know, the debt ceiling is not something to toy with. If we hit the debt ceiling, that’s essentially defaulting on our obligations, which is totally unprecedented in American history. The impact on the economy would be catastrophic. That would be a worst financial economic crisis than anything we saw in 2008.

As I say that’s not a game. I don’t see why anybody’s talking about playing chicken with the debt ceiling. If we get to the point where you’ve damaged the full faith and credit of the United States, that would be the first default in history caused purely by insanity.”

– Austan Goolsbee, the chairman of the Council of Economic Advisers, on ABC’s This Week, commenting on Tea Party insistence that the country’s debt ceiling not be raised.

About btchakir

Retired Theatre Producer, Graphic Designer, Usability Tester and General Troubleshooter with a keen interest in Politics and The Stage. Currently heard on WSHC, 89.7 FM (on line at www.897wshc.org) and occasionally dabbling in Community Theatre.

Posted on January 2, 2011, in budget, campaign, Congress, Economics, editorial, Finance, history, Legal, News, Opinion, Politics, quote, Television, vote and tagged , , , , , , , . Bookmark the permalink. 1 Comment.

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