“Any default today would unleash repercussions unprecedented as that of an Obamageddon. “
But continuation of current spending will eventually result in the same result.
Furthermore, even by refusing to extend the debt ceiling, there is no guarantee that we would default. We could pay debt service first and not pay other spending. Under Obama, the first thing likely to not be paid would be debt service, because that is the person he is, but that is another story.
Exactly. We go down now or we go down later.
This garbage of spending more than we have coming in has to stop.
But there is also good news, it is not the end of the world. I was in Mongolia after the demise of USSR. It was like the frontier, all the old rules were gone and they were being entrepreneurial and making new ones. It was hard but exciting also. 80 years of Communism had not killed entrepreneurship.
Another observation was they were rediscovering their heritage. In their case, this meant Genghis Khan and Buddhism. In our case I hope it means the founding fathers, the Constitution and faith in God.