Letter: 'Default' and the debt ceiling
Pearl Kamer of the Long Island Association addresses a corporate-growth group in Hempstead on Thursday. “If the country defaults on its debt ... it’s going to kill our economy,” she said. (Jan. 10, 2013) Credit: Howard Schnapp
Pearl Kamer, chief economist at the Long Island Association business group, told Newsday, "If the country defaults on its debt obligations . . . it's going to kill our economy" ["LI recovery seen at risk," Business, Jan. 11].
I wonder, since you use an ellipsis in the quote, what was left out? Did Kamer actually blame the "debt ceiling" as a reason to default on debt servicing? If so, that makes no sense.
The United States pulls in a lot more money than it pays out to cover debt servicing. The country can't default unless President Barack Obama decides to violate the law.
