Ocassional Thoughts of an Independent Progressive Atheistic Humanist
Just like during the budget fight last December, the ruling oligarchy took it to the last moment to agree on a deal on raising the debt ceiling. “Good” for them. The deal though is a solution looking for a problem.
As I have written before, cutting the budget now is stupid. It was stupid when it was done back at the end of last year.
As the Republicans drive us closer to the cliff of financial ruin, the fact is that the debt ceiling needs to be raised to pay for what has already been budgeted. Remember the government shut down crisis in December? Not only is this crisis a Tea Party wet dream, but the Democrats don’t get off the hook. Who’s bright idea came up with the need to cut the deficit while the economy wobbles after the gut punch in 2008 that led to 9%+ unemployment, tanked the housing market, and the largest income gap since 1928. What we are seeing isn’t just a GOP vs. Democrat battle, it’s the tyranny of the money majority.
The debt ceiling has to be raised to pay for the budget that was passed in December. This is similar to paying your credit car bill a month after using it to buy something. If you don’t pay your credit card bill on time or at all you get socked with a massive interest rate increase. That will happen for a start if the ceiling isn’t raised. It could also lead to grandma not getting her social security check and the weak recovery we have been under will bottom out. Then 9% unemployment would be seen as the good old days.