So why should we care if the debt ceiling is not raised?
Will a decrease in the US debt rating hurt working people, poor people, regular people?
Maybe. But of course they are already being hurt. They, not the wealthy, not the bankers, are the ones who have suffered from the recession with losing their jobs, losing their homes, and losing their hope.
Can the pundits point to arcane, 3-steps later, ways in which the failure to raise the debt ceiling will hurt them even more? Probably.
But the proposed solutions, from the President and even worse from the Republicans, will institute permanent cuts in the programs that provide any benefits for regular folks. So it is unlikely that they would do any worse with a debt failure.
If the stock and bond markets suffer, if the bankers and billionaires suffer, good. It's time for them to feel some pain.
They probably won't, though. No matter what happens, the government will make sure that the rich and powerful are insulated, and the rest of us pay the price.
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