By announcing that it is willing to throw up to $1.5 trillion in electronically created money in order to give three-month loans to those institutions that bought Treasury debt earlier, the Fed is bailing out not only the holders of Treasury debt, but also the Treasury itself.
With both major political parties seemingly uninterested in the long-term fiscal stability of the United States, the only near-term solution for the spendthrift class in Washington, DC, is to either raise taxes or spend recklessly.
Choosing between labor and leisure is not like choosing between apples and oranges. Many people like both kinds of fruit. But labor involves disutility,so a better choice is this: between apples and rotten oranges.