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Here’s Why Jack Lew Is A Shameless Fearmonger

This is a syndicated repost courtesy of Confounded Interest - Online Course Notes For Financial Markets. To view original, click here. Reposted with permission.

Like the author Stephen King, US Treasury Jacob Lew is trying to scare the hell out of people. “We are a nation that pays our bills. We shouldn’t let partisan brinkmanship lead us into default.”

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Excuse me Mr. Lew, but not passing a debt ceiling has nothing to do with default. Here is why.

Tax receipts for the Federal government is over 3 times higher than our interest payments on Federal debt. We have plenty of tax receipts to make debt payments already.


True, the Federal government may have to consider cutting some spending if the debt ceiling isn’t raised.


Sorry Jake. The debt ceiling debate is not Cabin in the Woods. Stop trying to scare people.


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