Ignorance and the Debt Ceiling

Ignorance and the Debt Ceiling

by Jim Hoover

The ignorance of too many radical Republicans in the at-one-time esteemed House of Representatives is positively staggering.

A growing number of Republicans believe that defaulting on our debt is no big deal. Plausible explanations for this folly include the deliberate polarization of the electorate, the run-amuck cynicism of politicians, the dumbing-down of the political leaders of the Republican Party (George W. Bush glorified in it), and the willingness of angry voters to elect the unqualified — mentally, emotionally, and intellectually.

Elements of this radical ideology were exhibited frequently during the 2010 campaign by many of the Tea Party stripe, some 60 winning office, including people like Allen West of Florida, whose recent antics were an exercise in childish ignorance and bad taste. Making inane comments about Obama and the default impact, he said that social security checks could go out if Obama wanted to. Not done, he also wrote a threatening letter to Debbie Wasserman-Schultz, a fellow member of Congress from his own state.

Even House Republican Budget Committee Chairman, “Pretty Boy” Paul Ryan, whose budget seeks to kill Medicare, said, “a few days of forcing Treasury to prioritize payments wouldn’t be a bad thing.”  With an incredible lack of acumen, Representative Eric Crawford of Arkansas said, in effect, “the default could work for a few years.”

Partisanship and cynicism played in Texas Congressman Louie Gohmert’s assertion about August 2nd, “Obama picked that date because his birthday party is on the 3rd of  August.” Failure to raise the debt ceiling won’t affect us, he said.

Michelle Bachmann, a Republican Presidential candidate and head of the Tea Party – and favorite dingbat for liberal news — bragged to 100 supporters that she had never voted to raise the debt ceiling. “It’s time for tough love,” she said, to applause.

The Bipartisan Policy Center has pointed out that the U.S. would likely not have enough revenue to cover all the Social Security checks that are due on August 3rd if the debt ceiling isn’t raised and would force a 44% cut in government spending overnight, affecting food inspection, student loans, and border security unless the Treasury decides not to pay for huge programs like Medicare.

As a last resort, many say, including former President Bill Clinton, that the 14th Amendment allows Obama to raise the debt ceiling, himself, “The validity of the public debt of the United States, authorized by law… shall not be questioned.”

Constitutional experts believe that this has to be a last resort, but for a last resort, August 2nd is too late. Moody’s Investors Service said last week that it has put the U.S. government’s top-notch credit rating on review for a possible downgrade because of the risk of not raising the debt ceiling.

We are willing to undergo a likely second dip of the recession and a possible global depression because of a few radical ideologues and a growing following of radicalized cynics who happened to be elected to Congress?

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