I remember the government shutdown of 1995 and the huge uproar it caused among the general public. I don’t notice much of that happening today. The shutdown is not much of a shutdown, with over 80% of the government continuing as usual and the non-esssential offices, while closed, are, well, not essential.
The much bigger issue comes in 10 days when the government reaches the debt ceiling and will have to default on what it owes if Congress doesn’t approve the borrowing of more money. How do you think that will turn out? How should it turn out? After the jump, China and Japan are threatening not to bankroll us anymore if we default. [Read more...]