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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From a wise man:
ReplyDeleteC'mon Josh. Bankers with multi-billions in cash reserves are the ones who will loan out money to the Fed at 4 or 5 times the current rates of 6 to 6 percent, as well as govt banks and treasuries around the world. The country's largest employer, won't meet its salary requirements, the states wont be able to disburse welfare and medicaid, and use any other federally funded projects such as highways, schools, public hospitals. It might be quickly remedied, but the govt bureacracy doesn't function very fast.
And guess who would be blamed for it. Why else do you think the Repugs are stalling by offering a free ride for 6 months when the Iowa and S Carolina nominating circuses take place. Obama's "failures," then become the major issue of the election campaign.
This has nothing at all to do with budget, Medicaire, Medicaid, interest rates, etc. It is only about the next presidential election.