From David Henderson’s post, Quotations from Alice Rivlin, on EconLog, Rivlin said:
If we didn’t raise the debt ceiling and we actually defaulted, we’d have a hell of a crisis. If the Tea Party is strengthened in the next election, we might have a default.
This is like the old joke, “I have a drinking problem. I don’ have a drink.”
If you don’t get it, Rivlin is concerned about a default occurring because Tea Partiers may get in the way of letting government spending run rampant. In Rivlin’s view, we need to let government spending run rampant to avoid a crisis. That’s like staying drunk to avoid becoming sober.
Here’s a great comment from that post from Ken B:
If the Tea Party had been ‘strengthened’ in elections going back a couple decades I doubt we’d have the crisis she worries about.