If the consequences are as dire as many warn, why would the Republicans be so insistent on brinkmanship and refusing to raise the debt limit?
I’ll admit—on the surface, raising the debt ceiling sounds like a dumb thing to do, echoing advice one might hear in a parent/child conversation or Personal Finances seminar: don’t spend more than you have.
But this has been going on for a long time, a way of doing business, both parties complicit in this continuing practice. And it sounds like Kevin McCarthy and his legion of doom are holding the country hostage, threatening to do something he maybe considers fiscally responsible, but definitely politically valuable, while simultaneously ignoring the fact that doing so has grave consequences for this country’s and the world’s economic prospects.
What bothers me about this is that the Republicans appear to be ignoring the fact that it has taken the country a long time to generate such astounding debt—debt that is the result of decades of rubber stamping by both parties. To wield such power now, to be willing to suggest a cold turkey approach– to threaten the existence of longstanding entitlement programs!– seems reckless, dangerous, and as irresponsible as the idea of spending money we don’t have in the first place.
Stepping back, are we looking at a political party who is willing to risk tanking the economy so they can advance their prehistoric agenda? Sounds a bit suicidal.