{"id":27182,"date":"2017-10-24T06:56:34","date_gmt":"2017-10-24T11:56:34","guid":{"rendered":"http:\/\/olduvai.ca\/?p=27182"},"modified":"2017-10-24T06:56:34","modified_gmt":"2017-10-24T11:56:34","slug":"yawning-debt-trap-proves-the-great-recession-is-still-on","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=27182","title":{"rendered":"Yawning Debt Trap Proves the Great Recession is Still On"},"content":{"rendered":"<h3 class=\"post_title\"><a href=\"http:\/\/thegreatrecession.info\/blog\/debt-trap-proves-great-recession\/\">Yawning Debt Trap Proves the Great Recession is Still On<\/a><\/h3>\n<div class=\"singlepost entry\"><img loading=\"lazy\" decoding=\"async\" class=\"attachment-single-post-thumbnail size-single-post-thumbnail wp-post-image\" src=\"http:\/\/thegreatrecession.info\/blog\/wp-content\/uploads\/Greedy_and_Indulgent-500x417.jpg\" sizes=\"auto, (max-width: 500px) 100vw, 500px\" srcset=\"http:\/\/thegreatrecession.info\/blog\/wp-content\/uploads\/Greedy_and_Indulgent-500x417.jpg 500w, http:\/\/thegreatrecession.info\/blog\/wp-content\/uploads\/Greedy_and_Indulgent-150x125.jpg 150w, http:\/\/thegreatrecession.info\/blog\/wp-content\/uploads\/Greedy_and_Indulgent-300x250.jpg 300w, http:\/\/thegreatrecession.info\/blog\/wp-content\/uploads\/Greedy_and_Indulgent.jpg 719w\" alt=\"Published in the US before 1923 and public domain in the US. Used to represent people piling up America's national debt.\" width=\"500\" height=\"417\" \/>While David Stockman stated early this year with resolute certainty that the debt ceiling debate would blow congress up and send the nation reeling over the financial precipice, I avoided jumping on the debt-ceiling bandwagon. While I was convinced major rifts in the economy would start to show up in the summer, I was not convinced they would have anything to do with the debt ceiling debate. If\u00a0there is anything you can be certain of this in endless recovery-mode economy, it is that the US will just keep pushing its bags of bonds up a hill until it can finally push no more. So,\u00a0I figured another punt down the road was more likely.<\/p>\n<h3>The Debt Ceiling Debate that Didn\u2019t Happen<\/h3>\n<p>The reason I didn\u2019t think that debate would blow apart is that Republicans have more than once experienced the political reality that comes from taking the nation to the brink of default or of shutting down government. Each time that kind of thing has happened, it has hurt Republicans far more than it has hurt Democrats. I doubted establishment Repubs (the majority) had the stomach to take us through another credit downgrade, though I\u2019ve noted such an event was possible.<\/p>\n<p>Unsurprisingly to me, then, Congress did the only thing it seems to be capable of any more and just kicked that can a little further down the road with hardly a kerfuffle about it. Hurricane Harvey made things a lot easier for congress to kick the can again by providing a good excuse to dodge that unwanted debate on the basis of massive human suffering that truly did need tending to. Much-talked-about government shutdown put off for a better time<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Yawning Debt Trap Proves the Great Recession is Still On While David Stockman stated early this year with resolute certainty that the debt ceiling debate would blow congress up and send the nation reeling over the financial precipice, I avoided jumping on the debt-ceiling bandwagon. While I was convinced major rifts in the economy would [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[11574,2120,195,16646,1782,11687,827],"class_list":["post-27182","post","type-post","status-publish","format-standard","hentry","category-economics","tag-david-haggith","tag-david-stockman","tag-debt","tag-debt-ceiling-debate","tag-debt-spiral","tag-great-recession-blog","tag-united-states"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/27182","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=27182"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/27182\/revisions"}],"predecessor-version":[{"id":27183,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/27182\/revisions\/27183"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27182"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27182"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}