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This paper provides an interpretation of how U.S. politics dulls the awareness of policymakers as to the danger of the current fiscal-policy deadlock in Washington, which could set in motion vicious cycles that could not be reversed. It hypothetically extrapolates that behavior to show how it could take the country beyond a tipping point into a financial abyss. The purpose is to show the urgency of honorable compromise to head off irreversible drastic consequences.
Podcast related to this article: EJW-Mercatus Symposium Contributors On a Potential U.S. Debt Crisis (EJW Audio, January 2012).