The current privileged status of U.S. dollar debt is a recent phenomenon, and one that is by no means permanent. This is a major reason why it is important to begin reducing structural deficits during the next decade.
Knowing the health care struggles for people without insurance, my heart was aflutter with the news of a debt ceiling deal that protected Medicaid. It didn't take long for my glee to turn into a sinking feeling.
Now that President Obama has signed the new debt ceiling into law and subscribed his party to an austerity program that assumes a state of permanent economic emergency, the question what made him do it? becomes more pressing than ever.