The $126 Trillion Question
Everyone’s hair is on fire, or so it would appear, about the current U.S. government shutdown and the looming debt ceiling deadline (next Thursday, Oct. 17).
To me, it’s like the captain and crew of the R.M.S. Titanic squabbling over how to swab up a puddle of water on the lido deck while all but ignoring that big, gaping hole just below the water line. It’s not just a recipe for failure, but one for epic disaster.
Currently, as we speak, the “debt ceiling” is $16.699 trillion. But do you know what that really means? I mean, a trillion dollars is a lot of money — more on that in a moment — let alone 16.394 trillion, but what does that really measure?
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