The Political Class Uses Fear of “Default” To Get Its Way

“The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, most of them imaginary.” — H.L. Mencken

H. L. Mencken, satirist, social critic, cynic,...

Even the sagacious Mencken might be amazed by what’s happening these days. Wherever we look, there are hobgoblins. The latest is—insert horror music stab here—DEFAULT. Oooooo.

Apparently the threats of international terror and China rising aren’t enough to keep us alarmed and eager for the tether. These things do tend to wear thin with time. But good old default can be taken off the shelf every now and then. It works like a charm every time.

No, no, not default! Anything but default!

Now that a deal—postponing the “crisis” for a few months—has been worked out, the parts of the government that closed are open, the government credit card has a new higher limit, and the world has been saved—for now. Again. The pundits will thank the “grown-ups in the room” (of which there are none), and it will be back to business—which is to say, spending, taxing, borrowing, and coercing—as usual.

Read the rest via The Political Class Uses Fear of “Default” To Get Its Way – Reason.com.

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