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Simon Johnson: The Real Economic Crisis Is About Growth And Income

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SIMON JOHNSON CRISIS
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The U.S.’s fiscal problem is not that the market questions the country’s ability to pay its debts. The willingness to pay was clearly proved by the outcome of the debt-ceiling debate, when even a majority of Tea Party adherents in the U.S. House of Representatives voted to lift the ceiling (though it would have passed without their votes). We most definitely do not have the kind of solvency crisis experienced by some emerging markets and now, for the first time, parts of Western Europe.

Read the whole story at Bloomberg News

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