Debt ceiling debate- arguing the same issue over and over but somehow expecting a different result
Actually, however, you haven’t heard this before. True, there are some parallels with the debt ceiling crisis of 2011.
But the most important difference is that this time Republicans aren’t making coherent demands. It’s completely unclear what, if anything, they want in exchange for not blowing up the economy. At this point they’re blackmailers without a cause.
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| "...dangerous when a political party is willing to burn things down unless it gets its way..." Krugman. |
As always, the fundamental fact about the budget is that the federal government is basically an insurance company with an army.
In the past, Republicans did try to change safety net programs in ways that would in effect have amounted to major cuts.
But the G.O.P., perhaps remembering the political backlash after Donald Trump tried to dismantle Obamacare, has since become much more cautious. McCarthy has already declared that cuts to Social Security and Medicare are “off the table”; if his party ever gets around to making specific proposals, it will find out that Medicaid, which covers even more Americans than Medicare, is also extremely popular, even among Republicans.
Inevitably, some Republicans are trying to make the budget a culture-war issue, claiming that large sums can be saved by eliminating “woke” spending. But what spending are they talking about? (Oh paaaalzeee! 😖)
I’ve been trying to find specific examples of federal outlays that conservatives consider woke*, bearing in mind that right-wing think tanks and politicians have a strong incentive to find big-ticket items that sound outrageous. The results of my search were, well, embarrassing.
So the bottom line on the debt crisis is that there is no bottom line: Republicans denounce excess spending, but can’t say what spending they want to cut. Even if Democrats were inclined to give in to extortion, which they aren’t, you can’t pay off a blackmailer who won’t make specific demands.
Unfortunately, the emptiness of Republican fiscal posturing is no guarantee that we’ll avoid a debt crisis. If anything, it may make a crisis more likely. MAGA may lack policy ideas, but it’s rich in nihilism; Republicans don’t know what policies they want, but they definitely want to see Biden fail.
So far, the Biden administration’s strategy seems to be to flush Republicans out of hiding, force them to propose specific spending cuts, then watch them retreat in the face of an intense public backlash. There are also, I presume and hope, contingency plans to avoid crisis if this strategy fails.
But it’s hard not to be worried. It’s dangerous when a political party is willing to burn things down unless it gets its way; it’s even more dangerous when that party just wants to watch things burn.
Labels: Donald Trump, G.O.P., MAGA, Paul Krugman, Paul Ryan, Republicans, The New York Times, woke





