Earlier today, I spoke with Glenn Hubbard, dean of
Columbia University’s Graduate School of Business and former chief
economist to George W. Bush. He’s not happy to see Congress dithering
over the debt ceiling, and he had a nice analogy for why. “It’s not
useful for me and my wife to argue over whether we’re going to pay our
bills,” he told me. “What’s useful for us is to discuss whether we
should work more or spend less. But not whether we’ll pay.” And that’s
what the debt ceiling is about: not how we’ll pay our bills but whether
we’ll pay the bills we’ve already racked up.
Ten former leaders of the President’s Council of Economic Advisers have written an op-ed column,
appearing Thursday on Politico, urging Congress and President Obama to
stop bickering and take up the proposals offered by a bipartisan deficit
commission.
Glenn Hubbard, Dean of Columbia Business School, served in the Bush White House from February 2001 until March 2003 as the Chairman of the Council of Economic Advisers and the OECD’s Economic Policy Committee {Read more}
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