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More on the same theme of approaching U.S. default

More on the same theme as Bruce Bartlett from Martin Wolf.

I have been arguing this for several years - in particular, in my recent book Taxes, Spending, and the U.S. Government's March Toward Bankruptcy. The U.S. government is going to default in some way (including implicit or quasi-default of some kind), with a high degree of certainty - not because the economic or demographic trends are so dire, but because our political system is irretrievably broken. And this in turn reflects not just its flawed design but the strange sociological story of the conservative movement, which, for some reason I don't understand, at some point in the last 20 years, decisively rejected any sense of national loyalty (as well as commitment to rationality) in favor of intense group loyalty.

Full post as published by Start Making Sense on July 26, 2010 (boomark / email).