Debt ceiling stalemate

A cartoonist with the Ottawa Citizen of Canada has published a cartoon about the USA’s debt ceiling stalemate.   The cartoonist has drawn a picture of President Abraham Lincoln sitting in a chair similar to the Lincoln Memorial in Washington.   Lincoln is reading a newspaper headlined “DEBT CEILING STALEMATE”.  The dialogue has Lincoln saying, “OH GROW UP!”     The Canadian cartoonist may be reflecting the feelings of many Americans and others as the deadline for avoiding a debt default approaches.  Are there any similarities between the exaggerated gloom and doom predictions of Y2K and  forecasts of what will happen if the USA defaults on its debts?  Are they as false?  As some Congress members and the President continue to play chicken, we may soon find out if enough of them will “grow up” and reach a compromise before August 2, 2011.  On the other hand, if they don’t “grow up” we may find out if the gloom and doom predictions are as exagerrated as they were for Y2K….or we watch as they come true.


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