The News Journal‘s Chad Livengood covers state politics and has done an excellent job. He’s brought us the coverage of Disgraced Auditor Tom Wagner, for example. That’s why today’s story on how failure to raise the U.S.’s debt ceiling will affect Delaware seems a bit…off.
Delaware’s top Democratic political leaders are predicting dire consequences for the state if Congress fails to increase the nation’s borrowing capacity before the Aug. 2 deadline.
Others, however, say the threat is overblown.
Oh goody, balance! Chris Coons and Jack Markell discuss the services that might be cut in a default. A couple of economists discuss how it is hard to judge what will happen since a voluntary debt default has never happened before. The good news is that Delaware is in better fiscal shape than many states so the effects may not be as dramatic.
So, what distinguished economist did Livengood find to dispute the bad consequences of debt default. Oh look, it’s failed Congressional candidate distinguished economist Glen Urquhart:
“Those are great DNC talking points, but they’re just not the truth,” said Urquhart, a businessman from Rehoboth Beach. “The United States is still the safest place to invest. Nothing is going to happen.”
Urquhart suggested the U.S. Treasury sell bonds on the proceeds of the Social Security Trust Fund to get by until a resolution can be reached on the debt ceiling.
“The fundamental issue here is that Obama wants more income redistribution,” Urquhart said. “That’s what he’s holding us hostage for. It’s blackmail.”
What was Christine O’Donnell not available to comment? I guess Urquhart is considered an expert because he nattered a lot about “debt slavery” and unlike COD, he has held a job for many years.
I want to send all my healing thoughts to Chad Livengood. Fairnbalanced-itis is debilitating, but I think it’s curable.