The Crisis That Should Not Be A Crisis

 

By all objective measures, President Biden, and by default, the American people, is having a very successful Presidency. The lowest unemployment rate in over fifty years, a record number of jobs added, steady GDP growth, a significant number of judgeships filled, and we're finally moving the needle on the climate crisis. No, he has not had an LBJ or FDR level of passed legislation, but what he has gotten has been remarkable considering the thin margins he has had in Congress.

However, I am not like a Trumpeteer, blindly following the cult leader to whatever cliff he wants to take them over. President Biden is not infallible. I am capable of calling him out when he does something I can't support.

I vehemently disagree with him in his attempts to negotiate a debt ceiling deal with the Republicans. He is setting a dangerous precedent that we will deeply regret. Nothing should be given in exchange for passing a debt ceiling increase. Nothing. Not ever. By any President of any party.

Congress passes bills and budgets that commit the US to pay for those programs. THEY HAVE ALREADY SPENT THE MONEY. This just moves up the debt ceiling to cover what Congress has already agreed to.

To paraphrase one of our greatest Congresspeople, Katie Porter: you have a credit card with an unlimited credit line. But you decide, for yourself, that you will cap how much you accumulate to pay back to $1,000. But, things come up, including food and medical bills, and you blow past that artificial ceiling and now owe $1,500. So, even though this is money you've already spent, you tell the credit card company, "No, that's past my personal spending limit, so I'm only paying back $1,000 of what I've already spent."  How do you think the credit card company is going to react?  

I'm not even sure why we have to pass debt ceiling increases. What good does it do to authorize money you've already passed to spend? It does nothing to control the debt. You've already spent it. Now the only thing left open is, do we jeopardize the full faith and credit of the United States, or do we become the world's biggest deadbeat Dad?

The result of not passing the debt ceiling would be catastrophic destruction of the world economy on a level we've never seen before. It is the equivalent of launching a full-scale nuclear war - the world is permanently scarred, and there is no way of going back to the way the world was before.

With such deadly consequences, why are we even allowed for it to come to a vote? Shouldn't this just happen because the budget and bills have already been passed and spent?

Yes, the debt ceiling should be abolished. No one should ever be able to take the US government hostage (as Congressperson Matt Gaetz has plainly stated, that is what the Republicans are doing).

The 14th Amendment to the US Constitution clearly states the public debt of the US must not be questioned -

The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.

So, what the hay? Why are we going through this when the debt ceiling must be raised, BY CONSTITUTIONAL EDICT?

During the most recent lame-duck session, just before the lunatics took over the House Asylum, many Democrats pushed for a bill eliminating the debt ceiling. But enough conservative/corporate Democrats stood in the way, blocking passage. That is one of the reasons I consider myself an Independent Progressive rather than a Democrat. Too many Joe Manchin types standing in the way.

I know the dangers of default. If Biden does not appear to negotiate with them, he might be blamed for any default (In my opinion, by low-information voters and morons - sorry, not sorry).

But the Republicans are not arguing in good faith. Instead, most are drawing all the blood they can, moving the goalposts constantly, and then planning on agreeing to the debt ceiling at the last millisecond.

But that's just most Republicans. It's not all Republicans. There are some, a significant block that would rather see the US economy go up in flames, convinced that Biden will be held responsible.

So, I ask my faithful handful of loyal readers, WILL IT? Will you blame Biden if the debt ceiling is not adjusted and the world economy collapses?

Given his collegial Senatorial past, I understand why Biden thinks he can negotiate this. But nothing good will come out of it. Nothing. Whatever concessions the Republicans get out of this, they will want more the next time.  

Republicans, by their own admission, are hostage-takers. And hostage-takers are domestic terrorists.

And you can never give in to terrorists.