The debt-ceiling debacle that might befall the nation is an event that no sane politician anywhere should want to occur.
Republicans for the first time in the nation’s history are threatening to withhold the votes to raise the debt ceiling because they want cuts in spending to which they have contributed along with their Democratic colleagues.
Now that a Democrat is in the White House, though, Republicans are insisting on massive spending cuts to offset what historically — since the beginning of the republic — has been a pro forma vote to increase the debt ceiling. Where was the GOP outrage over spending when Republicans were in the White House?
Failure to do so would put the nation in default for the first time ever. The consequence of that? Well, every economist on Earth says the nation would spiral into economic catastrophe.
Millions of jobs would be lost; interest rates would skyrocket, making home- and auto-buying impossible; the stock market would collapse; retirement accounts would vaporize; and — this is where it really hits home for me — Social Security payments would be suspended.
I am on a fixed income. I rely on my Social Security income to pay my own bills. What’s more, if my retirement account goes poof!, then I won’t have that money on which could pay those bills.
How can I say this clearly? Do not allow any of this happen, GOP members of Congress! You will pay dearly for it at the next election.
That ain’t a threat. It’s a lead-pipe promise!