The Sunday talk shows this week sparked fresh anxiety over the U.S. debt puzzle this week, with Austan Goolsbee, the chairman of the White House's Council of Economic Advisers pushing back hard against GOP refusal to raise the debt ceiling.
If the debt ceiling isn't extended this spring, the U.S. government could be effectively shut down, as it defaults on its obligations, a possibility that Austan Goolsbee, the chairman of the Council of Economic Advisers, calls "the first default in history caused purely by insanity."
In an interview on ABC's This Week Goolsbee hit the "game" rhetoric hard. "This is not a game... I don't see why anybody's talking about playing chicken with the debt ceiling... There would be no reason for us to default other than that would be some kind of game. We shouldn't even be discussing that."
The animators at Information Is Beautiful, however, have turned U.S. debt into a game of Tetris. Viewed below in relation to the cost of the credit crisis, the global cost of obesity related illness and total African debt to the West, our current debt problems don't seem too severe.
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