the author, Rick Moran, the name is familiar, isn’t he a frigging comedian?
When responsible people keep talking about default, knowing that debt servicing is only 6% of revenues, you know they are lying.
There is not a chance in Hades that Obama will purposefully cause default by failing to service the debt, & forever be known worldwide as the One Great Welsher. This is the default McConnell & Co. are so worried about?
Why do the Pubs need a closed door meeting to explain why the debt ceiling must be raised? Is it that their primary reasoning is purely political & has NOTHING to do with what is good for the country? If their reasoning is so sound, why can't they step up to a public mic & tell Americans why the ceiling must be raised, w/o using hyperbole such as “Star Wars”?
The truth is this. Incumbents have a far tougher time getting reelected & maintaining their leadership positions w/o Federal money to buy votes & contributions. The DC starves the pols of this federal bribery money. Obama desperately needs the DC raised to get reelected. McConnell needs it to keep his leadership position. Without it, he has no chance of being majority leader in a room full of newly elected conservatives. Same for Boehner.
Hitting the DC forces Congress & Obama to deal with the entitlements mess. Raising it gives them another of innumerable passes. Reaching the DC forces an immediate balanced budget & leaves Congress no choice but to write & pass a balanced budget quickly. The DC puts a stop to Pork. Finally, the DC exposes those Rats/Pubs who care more about themselves than they do America.
There is nothing catastrophic about a gov’t that must spend w/i its revenues. Would world markets frown if Greece were to balance its budget tomorrow? Hardly! Everybody knows we are headed for world catastrophe if the USA does not severely cut spending. The DC does exactly that, now, not 5-10 years from now. I believe markets will rejoice at a suddenly balance budget. I believe the economy will rebound based on the sure knowledge that Congressional insanity has been capped.
If you want Obama reelected, no budget passed, & spending continue uncontrolled, then you need to support raising the DC. You are saying, “I like the way things are going, & I want more of the same.”
This post proves what a total dunce Moran is, not mention he’s also got a long history of being histrionic Chicken Little. The piece he quotes talks about Republican Leaders presenting an argument on why they believe raising the Debt Ceiling will have consequences. OK, fine. But where does it say, even in his quoted citation, anything about taxes?? That he conflates the two shows clearly the Rick Moran history of being a mental midget. Raising Taxes and raising the Ceiling are mutually exclusive. Voting to raise the ceiling doesn’t mean tax increases are automatic. He’s always trying to be too smart by half, and in that he usually succeeds.
The Ceiling is going to be raised, whether we like it or not. Ryan’s explanation of what will happen is true, but not necessarily complete. If ever we need to get anything under control - thanks to decades of Collectivist Statism - there’s not gonna be a pain-free way to do it. The pain they’re trying to avoid now - do they think there doing it under the belief there isn’t gonna be pain later? The raised ceiling, even with huge cuts, leaves room for ObamaCare to continue. So what if they gut several programs now - if they can still borrow more than 2 trillion above what they can now, doesn’t that just mean they have more room on their credit card which now has a bigger limit? Or am I missing something?
True, it's inflationary, but that's the trade-off we've been doing for quite a while now.
The political reality is that the US population is used to 3% interest & 6% inflation. It'd be a real shock to have 3% inflation and 8% inflation rates, even though it could be argued that it'd be a return to sanity.