The Headline above was pulled from the News Journal. I get around Delaware. I don’t remember seeing a lot of panic. However, I’m glad that Sen. Carper was able to “calm Delaware residents.” The last thing we want is a bunch of freaked out Delawareans going on a rampage because of the debt-ceiling.
The headline has got to be one of the funniest things that I have read in a long, long, long time, and speaks to the total lack of scope & understanding surrounding the debate in Washington, IMVHO.
Senator Carper is quoted in the article as saying:
“It would have a chilling effect — more than a chilling effect — on our economic recovery, and we need to avoid that,” he said.
Check out the following chart:
Perhaps the headline should have read: “Carper needs wake up call”. Senator Carper’s time in the State Senate, as evidenced by the graph above, has been unique only in the destruction of the US economy during his tenure. He has been a “chilling effect” that pre-dates the debt ceiling debate by 11 years.
Last point, the debt ceiling plans have been graded by the CBO. The CBO’s analysis did not include any year in which there was a recession built into the model. There will be at least 1 if not 2 or 3 recessions in the next ten years. With leadership like this, we are screwed.