Political Quotes

“I will not read the article, but I was certainly struck by it. Obviously, the author talks about this problem of uncertainty and what it causes. In support of his op-ed he mentioned the work done by two economists in measuring and calculating the cost of this uncertainty. Here is what they concluded just as it relates to the uncertainty that results from a debt ceiling battle: At Vanguard we estimate that the spike in policy uncertainty surrounding the debt-ceiling debate alone has resulted in a cumulative economic loss of $112 billion over the past two years. This is what Bill McNabb, who is someone who knows something about markets and related issues, said in April of this year. So there is a 2-year impact of $112 billion because of a politically motivated and manufactured crisis, because some people want to make a political statement about the debt ceiling, which puts the economy at risk. I hope that some folks come to their senses because we can have and should have debates about reducing spending in a bipartisan fashion, how to reduce spending the way a business does, how to reduce spending the way a family does. But does it make any sense to do this kind of high-wire act? This is very dangerous for the economy. This isn't theoretical. We had a dry run, unfortunately. We had a rehearsal of this in 2011. We didn't go over the line, we didn't default, but we came very close. We came within days of defaulting.…”