The lack of basic understanding of Economics by average Americans, never fails to astound me. (As does the failure of the Media to educate the public on Economics too.)
Here's a perennial case in point:
44% Of America Literally Has No Idea How The Economy Works
by Brett LoGiurato, BusinessInsider.com -- Sep. 13, 2013
A new Wall Street Journal/NBC poll shows that 44% of Americans don't believe that Congress should raise the debt ceiling -- a troubling sign that suggests a large chunk of Americans don't understand the consequences that would come from that decision.
[...]
Boehner and other Republicans want to use the mid-October deadline to extract some concessions from the administration -- a delay in implementation of the Affordable Care Act, or more long-term spending cuts. Obama and Democrats want a "clean hike," and he says that he won't negotiate over the debt limit like he did in 2011.
[...]
But Friday's poll suggests that public ignorance over the issue could be a boon for Republicans in any negotiations. Only 22% think that Congress should raise the debt ceiling, and opponents outnumber supporters by a 2-to-1 margin.
[...]
I suppose our Media prefers the recurring drama, instead of a well-informed electorate.
The proof is in their all-sides-are-right, bring-on-the-drama programming.
Kudos to CNN, for on occasion, trying to put a "factual slant" on these Economics 101 concepts; (you know like teachers attempt to do in a college course.)
Here's another much rarer case in point:
The never-ending charade of debt ceiling fights
by Jeanne Sahadi, CNNMoney, cnn.com -- Sep. 12, 2013
[...]
What does raising the debt ceiling accomplish? Despite some politicians' incorrect assertions, raising the debt ceiling does not give the government a "license to spend more."
It simply lets Treasury borrow the money it needs to pay all U.S. bills in full and on time. Those bills are for services already performed and entitlement benefits already approved by Congress. In other words, it's a license to pay the bills the country incurs as a result of past decisions made by lawmakers from both parties over the years.
Refusing to raise the debt ceiling is "not like cutting up your credit cards. It's like cutting up your credit card bills," said historian Joseph Thorndike, who has written about past debt crises.
[...]
SOOO ... the next time some Republican-ranter refuses to raise the debt ceiling -- as some sort of
'statement of their economic principles' ...
Quietly ask them:
Is that what you do when VISA and MasterCard send you their monthly credit card bills -- simply tear them up and refuse to pay?
Isn't that what your hypothetical "dead-beats" do? Simply ignore their overdue bills?
[All emphasis added by the poster.]