Professor Frankel, a former WH adviser, thinks that TPC is a bad alternative politically because it would drive the crazies crazier. How crazy is that? The US is really becoming a dysfunctional state, it seems, when sane people think that we have to shape policy taking the crazy into account.
TPC is really bringing up some interesting stuff. It's sort of a psychiatrist's couch wrt policy formulation.
Econobrowser
"Debt Ceilings, Bombs, Cliffs and the Trillion Dollar Coin"
Jeffrey Frankel, Harpel Professor at Harvard's Kennedy School of Government and former member of the White House Council of Economic Advisers
1 comment:
The first words in the article:
"Needless to say, the US has a long-term debt problem. The problem is long-term both in the sense that it pertains to the next several decades rather than to this year. (Indeed, the deficit/GDP ratio has been falling since 2009, despite the weakness of the economy.) The problem is also long-term in the sense that we have known about it for a long time; it was clear in 1991 and should still have been clear in 2001."
Sounds like he has probably been 100% wrong since 1991....
Tom, I think it would really drive HIM crazy... ie HE is one of the crazies... rsp
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