The recent showdown over the debt ceiling calls to mind Otto von Bismark’s famous dictum that the two things no one should ever see being made are laws and sausage.
The standoff was not pretty. There were, however, important principles at stake. We may have finally turned the corner on America’s mad dash to spend and spend and saddle future generations with bills that we have refused to pay.
No one knows what the 2012 election holds. But the debt limit agreement essentially brings to an end the radical experiment that was the Obama era – when every problem had a federal solution and the federal government knew best how to direct economic activity.