I was talking to my wife, Amy, today about the news that Speaker John Boehner has requested movement from his party toward a temporary increase of the United States government debt ceiling.
The shutdown in itself is problematic enough. Our leaders have willfully put about a million people out of work while they haggle about policy that has already been put into law. The cost of their standoff to the United States economy is a loss of about $1.6 billion a week in economic output. And it’s more than a little bit ironic that this is being done on the watch of a Congress that supposedly has its first priority as jobs and economic growth.
However, all of this pales in comparison to the potential damage that would ripple throughout the global economy if we were to default on our debt. Because so many markets in the world peg their valuation system to the American dollar, and because so many exchanges use our currency as their monetary system, the prospect of the credibility of our money losing its footing in a potentially irreparable way could be nothing short of catastrophic worldwide.
“We should just fire them all," said Amy. “Just clean house and start fresh.”
The thing is, although this is a sentiment I hear on nearly a daily basis, and I've heard it over the course of many years, very little of substance seems to change when it comes to who represents us in Washington, D.C.