2011: The Good Ol’ Days

by evanmcmurry

Following the government shutdown on Tuesday, economic confidence is at its lowest since December 2011, when it had plummeted in response to the debt ceiling crisis. The lowest before that? The 2008 financial collapse. So, great precedents all around, and good thing the House GOP shut down the government over whatever reason they had for doing that.

You look at graph now:

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This is before the coming showdown over the debt ceiling, mind you. Whispers from the Capitol (worst romance novel ever) say John Boehner no-way-no-how will allow us to default on our debt. There’s evidence Boehner is more in charge than he appears—he kept the moderate revolt on Monday night from happening, for instance, suggesting he hasn’t completely ceded his will to power—and he definitely has the votes among his caucus to join with Democrats to raise the debt ceiling, as even a good portion of  the House GOP realize the catastrophic consequences of default. But the longer the shutdown goes on, the less predictable everybody gets…

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