Debt Ceiling Insanity

By Shlomo Maital

   OK – another blog about Republican insanity/fanaticism/obstructionism.  Skip it, if you wish.

   The US govt. debt ceiling is now $31 trillion. About 1.5 times GDP.   The actual debt has reached that amount. An act of Congress is needed to raise it.  A small junta of crackpot Republicans is blocking that act.  This threatens an unthinkable result:  the US government defaults on its debt (i.e. cannot pay its bills).

    Who is responsible for the mountain of debt?  A journalist reporting on the NY Times podcast The Daily, led by Michael Babaro, reports this:  Since George Bush (2000), $12.7 tr. of the debt came from Republican Administrations (mainly defense spending and tax cuts for the wealthy, especially under Trump),  and $13 tr. comes from Democrat Administrations (e.g. expanded health care insurance).  50/50.

     So why are Republicans blocking raising the debt ceiling, threatening global financial markets, and virtual suicide for their own country (patriots all?)…. When they are equally responsible for the debt,  most lately the unfunded Trump tax cuts?  When was the last balanced budget?  In 2000, under Clinton, a Democrat,  just before Bush took over. 

      Ask Marjorie Taylor Greene, the whacko Congresswoman.  She will doubtless have a brilliant analysis of why it is wise to blow up global financial markets.