Chaos Looms

Paul Krugman, NYT

Is economic/political commentary like writing detective stories? In some ways, I think, it is; certainly I have always taken to heart some passages in Raymond Chandler’s The Simple Art of Murder, especially the passage in which he distinguishes between the inherent importance of themes and the extent to which they are a good subject for writers:

Other things being equal, which they never are, a more powerful theme will provoke a more powerful performance. Yet some very dull books have been written about God, and some very fine ones about how to make a living and stay fairly honest.

Right now, if inherent importance were all that mattered, I wouldn’t be writing about the effects of sprawl, or the Fed succession, or even, probably, about China’s brick-wall problem. I would instead be writing all the time about the looming chaos in U.S. governance.

In the short run the point is that Republican leaders are about to reap the whirlwind, because they haven’t had the courage to tell the base that Obamacare is here to stay, that the sequester is in fact intolerable, and that in general they have at least for now lost the war over the shape of American society. As a result, we’re looking at many drama-filled months, with a high probability of government shutdowns and even debt defaults.

(More here.)