First it was Mitsubishi, Ford, and a car company called Holden. Now Toyota says it will stop making cars in Australia. And, with Treasury Secretary Lew now saying the U.S. could run out of authority to pay its debts in about two and a half weeks, Republicans controlling the House of Representatives are now talking about a vote on the so-called “debt ceiling” this Wednesday. That’s by no means certain. The Treasury Department is shifting money between accounts to keep the country solvent, while Congress figures out strategy. But the fight over the debt ceiling is tied up in a larger problem. The government is not good at making honest and accurate predictions about our future spending and deficits.
First it was Mitsubishi, Ford, and a car company called Holden. Now Toyota says it will stop making cars in Australia. And, with Treasury Secretary Lew now saying the U.S. could run out of authority to pay its debts in about two and a half weeks, Republicans controlling the House of Representatives are now talking about a vote on the so-called “debt ceiling” this Wednesday. That’s by no means certain. The Treasury Department is shifting money between accounts to keep the country solvent, while Congress figures out strategy. But the fight over the debt ceiling is tied up in a larger problem. The government is not good at making honest and accurate predictions about our future spending and deficits.
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