It’s been a bit since Trudy Rubin has been a subject of my analysis. But her column today is a dandy. It is clear that Rubin doesn’t understand Afghanistan, Iraq and Pakistan.
Today she tackles democracy, economics and the debt ceiling, blaming Republicans for causing the potential downfall of the United States as a world leader. Huh?
Following is an excerpt from her column:
Few Americans grasp the dangers of the congressional battle over the debt ceiling. Somewhere between 33 percent and 40 percent of every dollar the U.S. government spends is financed by borrowing. Under Republican and Democratic administrations alike we have been able to finance this debt because U.S. Treasury bills are considered the world’s safest investment. Countries such as China and Saudi Arabia keep their excess funds in T-bills because of their unqualified faith in U.S. institutions.
That could change.
The debt ceiling needs to be raised at the latest by early August – not to spend more, but to cover current obligations. Republican and Democratic leaders have been locked in talks to find $2 trillion in federal savings to offset a rise in the debt limit.”
This column simply adds to the confusion by those, including me, who studied and reported on economics for years.