Debt ceiling nonsense

In understanding the current debt 'crises' one needs to understand that it's all a show. A manufactured crises to enable both sides to push for radical changes that they otherwise didn't believe they could get through.

As FactCheck explains the debt ceiling has been regularly raised 78 times since the 1960s and in fact we have been close to default at least 3 times during the Clinton and George W. Bush presidencies. So there truly is nothing new here.

That doesn't mean, btw, that insanity on both sides couldn't actually result in a default. But if it does it's important to understand that we would be destroying our economy as a result of a manufactured crises that both sides decided to create in order to push their own agendas.

5 thoughts on “Debt ceiling nonsense”

    1. Hum…. I’ve been tracking this and must admit it looks like everyone is playing the ‘make up a crises’ game. But then again, I’m not professional. Who do you think isn’t playing along and what lead you to that conclusion?

  1. Start with the fact that the Democrats have requested a clean bill from day 1 (i.e., just routinely raise the debt limit). This is sufficient to shift the responsibility.

    But then if you look at the compromises offered again and again, it’s clear that the Republicans (at least a sufficient minority) don’t want yes for an answer.

    Couple this with explicit statements of the primary goal is defeating Obama (McConnall) and welcoming a default (Bachmann), and the picture is clear.

  2. Oh, to back it up, you have Boehner confirming it:

    Remember how this all started: the White House demanded a “clean” debt limit hike with no spending cuts and reforms attached. We stuck together, and frankly made them give up on that.

    So, the whole crises exists because the Republicans wanted it and fought for it.

    1. I have absolutely no doubt that the Republicans more than played there part in this crises. The question to me is, how did the Democrats respond when it all went wrong? Why did Obama suddenly decide that it was just fine to cut social security, to cut medicare, etc.? I give Obama more credit then seeing him as a spineless venal politician who cares more about his popularity than America. I think he genuinely believes that Social Security has something to do with America’s debt. I think he genuinely believes that Medicare spending (not the legal prohibitions against Medicare negotiating prices for things like drugs) is unsustainable. And so he grabbed this opportunity to get done what he wanted done, hopefully in a way that wouldn’t rebound on him politically.

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