Friends, Treasury Secretary Janet Yellen just announced that the federal government will hit the limit on total federal debt on January 19, just two days from now. After that, the Treasury Department will be forced to take “extraordinary measures” to avoid defaulting on the debt, which would likely trigger a global financial crisis.
I think we should start reductions of all elected politicians' salaries, remove all benefits, to minimum wage, restrict all investment activity, and eliminate lifelong retirement pensions. We may save quite a bit of government expenses, on both sides. Enough of m/billionnaire policies that line their pockets and do nothing for We, the People, who are taxed to pay their salaries and expenses. Let's start thinking in the right direction.
My first reaction is that I keep wondering if it's going to take actual shocks and real suffering to make Americans aware of the deep, structural change that is imperative. For example, a GOP-led default, leading to the total repudiation of the GOP. I'm thinking about the 1929 stock market crash. Or even 9/11, which allowed the Bush morons/criminals to use an Al Qaeda terrorist scheme to rationalize the invasion of Iraq. (The example only illustrates that shock is a motivator.) What will it take to address climate change? How do you get peoples' attention? This follows your last piece about the media's negligence. They were certainly negligent about Iraq. And they elected Trump out of their capitalist desire to attract advertising dollars by being an entertainment vehicle rather than the fourth estate. Maybe it takes a disaster to make change.
It is time to disarm the debt ceiling.
The New Republic has a nice piece on why sec. 4 of the 14th Amendment might just be the "red flag" law that allows the removal of the weapon from Mr. McCarthy.
has the debt ceiling always been a part of the US fiscal and political landscape? i guess i can read about its history myself, but it's easier to ask here since i've already got numerous deadlines looming this month to avoid my own personal fiscal crisis.
i have no idea where the rethuglicans got the audacity to demand that the biden administration "must" not pay social security and medicare benefits? those are THE PEOPLE'S MONEYS that were taken from their paychecks each pay period throughout their entire working life -- not funds from taxes, and certainly not funds that those thieving rethuglicans should be able to wrap their grubby sticky fingers around. the idea that SS and MC are anything other than the people's money is a gigantic lie, repeated often, to deceive the people whom they plan to rob blind.
the only positive outcome to this economic hostage crisis is that the rethuglicans will hopefully .. maybe .. finally?? cease to exist as a party since they are so determined to sacrifice us all in their quest for absolute power over all our lives. i must say, though, that rethuglicans appear incapable of learning since they are -- once again -- heading down this well-trod road into their own self-inflicted disaster.
I'm tired of playing chicken with a bunch of traitors. The people who actively agreed with the insurrectionists are playing games with the lives of millions of people because they have nothing better to do and are the most irresponsible people in our country.
They get paid their salaries when we, the people who voted them in, depend on them to allow us to get the money we paid into the government for our pensions. They hold those funds hostage to their puerile juvenile antics of oneupmanship and poker for fools.
They don't care if we get evicted or go without food. They don't have those consequences to live with.
What I think is the minute it looks like we go into default, they lose their pay until they capitulate to us on our demands to behave like the representatives of the government of the people, by the people and for the people of this country.
I'm tired of these fools telling me that for 43 years I did nothing to earn my Social Security but I'm supposed to bear with the prospect of being denied it because they don't feel like giving it to me.
I'm fed up with it all. No other country in the world allows this to happen on a regular basis. It's about time they grew up and started acting like adults.
After reading this, I was curious to see who holds the greatest amount of US debt. Googled. I thought it was China. It’s actually Japan, China, the UK, Ireland and Luxembourg. Taken from Investopedia.com. Also looked at the debt when former president Obama left office, and then when Trump was in office. And you had Reaganonomics prior. Every president has been dealing with this since. It seems that under the gop, the debt ceiling was more severe, including not creating new jobs. A very interesting article in The African Eye Report by Masahudu Ankilu which provides a chart from Washington to Biden in change in total debt from beginning of term until the end of term. This chart was provided by TradingPedia, so I don’t know how fully accurate it is. But interesting nonetheless. Pre pandemic, Trump was on his way to increasing the amount of debt he inherited from the Obama administration.
As you mentioned, this has huge ramifications for the global economy. In order to protect the regular populace, the debt ceiling has to rise. Thank you for sharing this wisdom, as you’ve dealt with this under Clinton. It’s obscene how the gop is holding us hostage.
How surprising that Kevin McCarthy would sell his country down the river for his own personal power trip. Kick the ladder out from underneath him. After the Southwest Airlines disaster no one will enjoy the FAA or Air Traffic Controllers undermined. Or Social Security or medicare checks not being sent. After the Republicans tank, when it is politically possible, disarm the debt ceiling so these idiots never do this again. Good luck in your next job as dog catcher in Bakersfield, Little Kevin. Bow wow.
Isn't totally absurd the whole point? That's the platform - totally absurd nihilism.
Shame on the last Congress for failing to raise the debt limit beyond all foreseeable need when it had the chance. This looming train wreck isn't a surprise; it was anticipated months ago.
Why is the legislation creating the debt ceiling allowed to continue? It threatens the good credit of the United Stated which Politicians swear to up hold. Political life is caught in a wasteful tangle that distracts from solving real
Problems rather than the self created. Practical
People must exist in both parties who would join to repeal this evil .
When you have a house leader who would sell his own party and office’s interests to be speaker and cut all kinds of deals with the thugs of the non-government caucus for his position, is it surprising that this is the path the speaker with the support of the majority party has now chosen? It is as plain as the sun rising. We need creative solutions to counter this - something that should already have been thought about.
The US government: "Too big to fail"? Bail outs required? (Again?)
Here's a concept: As it is _politicians_ that keep on causing these Budget crises, how about them helping to pay down the National Debt? If EVERY candidate for any office in the land was required to contribute 5% of what they raise for campaigning to be set aside to be used to pay down the National Debt ONLY, even at $31.5 _trillion_ dollars, that sucker would be paid off in just 20-30 years. Forty years, tops.
Seems extraordinary that it is allowed/accepted that routine processes like appoitment of a Speaker can be subject to blackmail like this. The demands that McCarthy caved in to were made by a small faction of one party without support of senate or president.
The form of election seems wrong because it allows internal politics of one party to derail the government. Better require each party to propose a speaker, and choose between them. Or give members a second choice to apply if first choice not in top 2.
Seems to me that the US is paying the price for not having long ago addressed the democratic deficits it its avowedly 'democratic' system.
When we don't get our SS, we will be forced to live in the streets. I will. I am 70, with a 5 disc fusion that failed. No work for me. Will Congress pay their parents/grandparents SS? Or force them into the streets? It's my money, pay me. Stop with the games. To hell with the "bought speakership" to hell with McCarthy who sold his soul, to hell with MTG, Boebert, Perry, Jordan, Gaetz and the rest of the maga extortionate. Vote them all out of office.
The inmates are in charge AGAIN.
The party of tRump which gave 1.9 trillion to billionaires is at it again, on steroids. Seems that there is no problem with Republicans' raising the debt ceiling when They want to do it. Then, when Democrats get back in power, they have to 'clean up' the mess, for which they are blamed.