The Battle for America’s Credit Card
The eyes of the Republican blogosphere are concentrated on Wisconsin these days, as the public employee unions and Democratic senators are lashing out in a desperate and futile attempt to defend the status quo of unsustainable state debt. But despite the mediagenic circus of shut-down public schools, doctors dispersing fraudulent sick notes and teachers waving misspelled signs, the battle between the unions and Republican Gov. Scott Walker is not one that demands reinforcement from either the blogosphere or the tea party.
The focus of the fiscally prudent should be on Washington, not Wisconsin. This is because the outcome in Madison is assured, whereas the one in the national capital is not. While both situations are unsustainable, Wisconsin has already reached the outer limits of its debt expansion. The federal government has not. Wisconsin’s limits are externally imposed, whereas Washington’s are not, at least, not in the near term.