Monday, July 25, 2011
Debt Ceiling....Republi-can'ts Don't Get It.
With the market in a slow slide it is anybody's guess at what point the thin ice will break and take down the whole system. They say it can't and won't happen. If the whole economic collapse in 2008 was triggered by the Lehman Brothers collapse. What does it take for the Republi-can'ts to open their eyes. They certainly are not looking at Republican history. If they are they are not getting it. Ronald Reagan raised the debt ceiling 18 times while in office. He also raised taxes 11 times. His successor did not get re-elected because he raised taxes. He did not get re-elected because he lied to the American people. "Read my Lips" will probably be on his headstone. Quoting Mr. Reagan, " Congress consistently brings the government to the edge of default before facing its resposibility. This brinkmanship threatens the holders of government bonds and those who rely on Social Security and veterans benefits. Interest rates would skyrocket, instability would occur in financial markets, and the federal deficit would soar. The United States has a special responsibility to itself and the world to meet its obligations." That quote I got form the Vincennes Sun-Commercial editorial page and was used by Dana Milbank of the Washington Post. Reagan was the Republicans, Republican and he understood the dangers involved. The Tea Party advocates better do some more research and figure out a better way to balance the budget than default. In 1932 at the bottom of the depression in Chicago unemployment was over 40% for white males, minorities, the elderly and youth was at even higher rates. Think about this while pondering this big problem. Back then it was banks and business that were failing. The government was solvent. This time it is the government that is insolvent and there will be no one to bail it out. If the economy is pushed over the edge, the fall will be farther, longer and deeper than the Great Depression. Saying government can not fail is comparabable to the Titanic, which is about where the bottom will be if the Republi-can'ts let this happen. They doubled the national debt in eight years and passed no bills to pay for it. They need to man up and pay for the stupidity they created. If they do not the Republi-can'ts may be no more by the time of the 2012 election. I do not know a lot but I bet President Obama will beat the horse they are riding right into the ground.