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Jeffrey Miron on the debt ceiling deals

July 29, 2011

Jeffrey Miron, one of my favorite economists, has a great piece on CNN today giving his opinion on the debt ceiling negotiations. The title says it all, a pox on both parties:

Each party has valid concerns about the other’s approach to avoiding default, yet each is relying on counterproductive articles of faith. To address the debt crisis, both sides must give up their cherished, but misguided, ideas.

It is not the ideas themselves that pose the problem, what else could influence where one stands on policies. It is that both parties have lost sight of the underlying reasons why they support these ideas. The result is that their rigidity leads to outcomes opposed to their shared goal, and they can focus only on their differences rather than their similarities. Both sides should recognize that changing positions or making concessions in the face of evidence and reason can be an exercise in judgement and not necessarily a compromising of principle.

As always, Professor Miron sheds some much-needed light on the issue.

The full article can be found here, it is brief and well worth taking a look at

http://www.cnn.com/2011/OPINION/07/27/miron.debt.ceiling/index.html?hpt=hp_bn9

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