Playing Chicken with the US Economy

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After yesterday's riots over austerity measures, Athens was quiet today as the Greek parliament put the final touches on spending cuts and tax increases designed to unlock $17 billion in aid from the European Union, the European Central Bank and the International Monetary Fund. Meanwhile, ratings agencies say they might lower America's credit score if investors even think the debt ceiling might not be raised by August 2. House Speaker John Boehner says that deadline is "artificial," while President Obama accuses Republicans of favoring fat cats over veterans and kids. Should both parties pay more attention to what a default by Greece might do, not just to Europe's economy but America's as well? Will economic brinksmanship cause the world to lose faith in America, a country that has never failed to pay all its bills?




Warren Olney