I responded with number one because the Republicans have it backward. Congress approved the expenditures through the appropriation process with a majority vote. Now a minority want to say that majority vote was illegitimate.
I may not be the brightest bulb in the pack, but I see this effort as another way for the minority to impose its will on the majority...they had their chance to have their voice heard at the time of the vote and they lost. Like their standard bearer, they are sore losers and they expect the majority of Americans to cow tow to them...doesn’t sound fair and certainly doesn’t sound democratic.
Jean, you are so right. It is just another way Republicans want to grab power they don't deserve. They do want minority rule as long as it is they who get to do it. What a bunch of hypocrites! They would be screaming along with their media if it were Dems holding our economy hostage as they are.
President Biden is not caving, he's leading. The negotiations taking place are on the budget, not on the debt ceiling bill. He has always been willing to hold separate budget talks.
Everything is happening behind closed doors, so I may be wrong. But it appears to me that the idea is to reach a budget agreement now that will avoid a government shutdown in the Fall. That would be an excellent outcome.
Once a budget deal is in place, a "clean" debt ceiling bill can pass with a bipartisan majority. Whatever cuts are agreed to would not be specifically tied to the debt bill, so everyone (except MAGA) can claim victory.
If that is in fact what's happening, it's kind of brilliant.
I really hope you are right Jerry. But if cuts don't come with accompanying pain for the rich and ridiculous, then he got played. Not saying brilliant until the agreement is concluded. And I love Joe Biden.....big fan.
No brilliance involved, its in his job description. He's the CEO. Congress is/are the management. I gurus the SCOTUS would act like a board of directors who's primary job is to oversee Corp (in this case USG) governance and assure its compliance with the org charter (in this case the USC). Under normal circumstances in a Corp environment, the CEO gets two votes in case of ties. Power politics practiced by management minorities, any minority is in explicit terms, a coup. The problem with an overthrow is that the right to determine who our CEO is, is determined by the voters. Can the managers negotiate vigorously, sure. Do they have the power to overthrow a despot, sure, its called impeachment.
All big woop, I know, but my overarching point is that the MAGA Cult, similar to the TEA Party before them have decided their imperatives are so overwhelming important, that they don't need to play by the rules and more they see no need to play with some reasonably acceptable level of decency and comportment. Not the first time in the history of our Republic by any means that radical crap talkers want most of all to disrupt and overthrow than to recognize the long standing value of, painfully slow moving and frustrating as they may be, the processes of our government.
I hope you are right. McCarthy needs some kind of a budget "win". If he gets it, he may pass a clean debt ceiling bill - with the help of the Democrats.
A discharge petition can automatically force a House vote on legislation if a majority of 218 members sign it. To force a debt limit vote, Democrats would need the support of all their members, as well as at least five Republican defectors.
Jerry Weiss: Well-written comment. However, there was no need to engage in faux negotiations. No need to change SNAP work requirement standards and raise the age to over 55 to find a job. How many businesses out there are just hungering for over-55 non-skilled workers or even skilled workers? On what planet? Can't concur with your "brilliant" assessment.
Don't know of any so far, just Biden in an obfuscating statement. From Huffpost May 17: "The president said Wednesday he would be open to stricter rules, just not “anything of any consequence.” It’s not clear what Biden meant by the statement; Republican proposals for stricter rules in three federal programs would affect millions of people."
Yes they would adversely affect millions of people. We have a revenue problem and in the case of the Pentagon, a spending problem. Everyone should see last night's (May 21,2023) 60 Minutes investigative reporting on the price gouging and bad contracts related to the Pentagon and weapons/planes manufacturing.
That's not how the press is reporting it. As usual, they're playing the "both sides at fault" game, just as they did with Obama. Prof. Reich is right, Biden needs to go on national tv and make clear REPEATEDLY that he is HAPPY to negotiate a BUDGET but NOT the paying of bills already due. He must also make clear to all Americans the shell game McCarthy is playing by pointing out that only Healthcare, Social Security, Defense, and or repeal of Trump tax cuts on wealthy could make any major difference and that GOP has already rejected raising revenue.
Appearing to negotiate does Biden no good, as he is not likely to be able to offer enough to the sick GOP nuts to get them on board. You don't negotiate with hostage-takers.
The press is obsessed with the drama of potential catastrophe, and consistently misses / ignores major parts of the story.
For example, there is almost never any mention of the fact that no conceivable budget-cut package will garner 218 Republican votes. Moderates won't agree to all the cuts MAGA wants, and MAGA won't agree to dropping any that moderates won't support. Therefore, the only thing that can be negotiated is a budget outline. The debt limit bill itself will necessarily be bipartisan. The press willfully ignores this, but everyone involved knows it.
For the record, President Biden said the following directly to the press before leaving for Japan Wednesday morning: "To be clear, this negotiation is about the outlines of what the budget will look like, not about whether or not we’re going to, in fact, pay our debts.” Seems to me that should be the lede.
You are so right, Jean. Congress approved these expenditures. Pay the bills!! The Constitution demands it, no matter what little kevin and his cohorts think.
President Biden should stand his ground and not negotiate. They can debate the budget at the appropriate time, but now, PAY THE BILLS!
I agree but we are not holding the ol' purse strings. I had hoped for these recalcitrant Rs to be hounded by we-the-people, I don't think that's happening. The people in their districts don't seem to understand...
"When it comes to attacking social programs upon which millions of people depend, the mantra of the [Republicans/Capitalists] is: Never let a good crisis go to waste."
"Whatever comes out of the debt ceiling talks will be only an initial step in the escalating and brutal assault by the entire corporate and financial elite on the jobs and living conditions of the working class."
WSWS
Along a parallel track, ol' Beau comment on Dem efforts to expel Santos focuses on the cloud hanging over any so called "bipartisan" accords those wank-publicans would possibly agree to.
Put the current border issues in perspective with "nearshoring." Talk about a shell game! While the MAGAs are stirring up workers about immigrants taking their jobs, the foreign nationals taking the jobs are "nearshore!" Misdirection 101!
From Heather Coc Richardson: "more than 140 leaders of the biggest U.S. companies published an open letter to the president and congressional leaders “to emphasize the potentially disastrous consequences of a failure by the federal government to meet its obligations.” They noted that when the government approached a default in 2011 under similar circumstances, the U.S. lost its AAA bond rating (which it has never regained), the stock market lost 17% of its value for more than a year, and “Moody’s reported that the heightened uncertainty from this crisis resulted in 1.2 million fewer jobs, a 0.7 percentage point higher unemployment rate, and a $180 billion smaller economy than it otherwise would have—dire impacts that occurred without an actual default.”
Every one of those leaders should pressure every member of the House to pass a clean bill.
We should find out whether any of these companies are shorting the US economy -- would benefit by default. And if so -- publicize the hell out of it and boycott .
Daniel Solomon: I wonder why the 140 corporate leaders who petitioned President Biden did not pressure McCarthy and 'Congress' to raise the debt limit? Seems they are in cahoots!
EXACTLY. These same "leaders" are likely still pumping Millions of $$$$ of bribes (called campaign contributions to put lipstick on that pig) to the GQP.
Daniel Solomon: since Congress controls the 'purse strings' , why are the corporate interests pushing Biden to further defraud the workers/taxpayers By "Not ruining our credit rating " and taking a hit? Talk about raiding the treasury! If President Biden caves on this without using any powers he may have to enforce the 14th Amendment, what's next?
That's why the President and every self-respecting member of both Houses must enforce upholding the Constitution against anything the crazies of the trumpster party throws their way.
Congress doesn't control the purse strings, wealthy corporate donors and trillion-dollar corporations do. They pay for congressional favor (fewer taxes; fewer restrictions) because it costs less than paying their fair share of taxes and mitigating the climate change damage they've caused to our planet.
"We should find out whether any of these companies are shorting the US economy -- would benefit by default. " Give me a list of US economy stocks. I'll get the answers.
I agree wholeheartedly Daniel with you & Heather’s comments. I chose the 3rd option which said to pay the debts & increase taxes. That can be accomplished in the short term by overturning the 2017 tRump tax scam! This country has had a revenue problem for way too many years & has had tried to pay the bills only from the tax receipts from the middle & upper middle classes & maybe a few small businesses that don’t cheat on their tax bill!! I think Biden should just pay the bills, ignore the MAGATS, & tell them to take a flying leap off the nearest tall building bec he has the constitution on his side! However that debt ceiling came about, it should be repealed as something that means nothing & only gives a GOP minority the ability to have something to fight over & attempt to place the country in a hostage taking position! I wonder who & when this term Debt ceiling came from but it sounds like something that McConnell or Gingrich would have come up with ! They always want to make the poor, seniors, & lower middle class people have to suffer by removing their few small benefits that help keep their kids fed & provides a safety net with Medicaid health benefits rather than put the onus on wealthy individuals & wealthy companies to pay a higher tax rate. The wealth Inequality in this country has grown unfairly to benefit only millionaires & billionaires along with increasing their generational wealth! It’s long past time to even the score up bit by increasing their tax bill to a Fairness level that sticks & by removing all the loopholes that past GOP administrations brought into law! Bernie & Elizabeth Warren have spelled out all the ways this can be achieved & Biden should work toward them! More revenue is the only answer that’s logical!!
The strongest thing he could do is get legal scholars to tell the obsolete Trumplicans the score: Our Constitution DOES NOT ALLOW for us to stop paying our debts, evil billionaire creatures aside!
Jean, You are the brightest bulb in the pack! Thank you ! I too said # 1. And I am certainly part of the bright bulbs in the pack because we read and listen to those who understand the 14 th Amendment. Never apologize for understanding the weasels and their manipulation of all our laws and systems. They depend on the burned out bulbs!
Keep shining, keep reading and keep sharing. Our bulbs are energized and ready to burn long into the night!🌝🔥💫
ACTUALLY, the debt was driven up because the minority Republicans DID have their way, and they not only dragged the country to war in 2003 without a way to pay for it {and the ramifications of THAT have dragged on and on through to today!], but the Trump administration added something on the order of $8 trillion to the debt, on the say-so of Republicans. This isn’t them upset that they don’t have power — this is them wielding power in every way possible, regardless of whether or not they are entitled to do it.
You've got that right Pat. That is exactly the cause (along with the stupid 'supply side economics' that got us where we have been for the past 42 years. Wake Up America.
There is nothing Biden can do without looking weak. If McCarthy wants to bring down the ship so be it, it's a Republican torpedo that will do the damage.
Jean --Agree to cripple social spending programs that benefit so many people all because Mr. McCarthy's ego needs feeding along with the idiotic Republican agenda. They want the default to happen, so be it. Don't give those fools ammunition to use in the 2024 election.
Pat--The military spending we are endorsing is keeping our military out of the actual fitting. Putin won't stop. If he gains control of Ukraine that's just a stepping stone for his next move which will involve a NATO country and us. I would rather spend money now than American lives later. What do you think.
The debt issue was addressed 3 times during the Trump administration, which added 8 trillion dollars to the national debt, what happens the next time this comes up. What will McCarthy ask for then. He has to be made aware of the fact this country won't he held hostage.
Cutting the social programs McCarthy is asking for will only make the Democratic position seem weak against the good of the people. Future fuel the Republicans will use against Biden. It's a catch 22 scenario. Since Biden is damned if he does and damned if he doesn't let the blame fall on McCarthy and his ridiculous refusal to do for the Democrats whet they previously did for the Republicans.
That's not "weakness", Jean, that's courage! Courage to uphold the Constitution, which is still the Supreme Law of the United States of America, regardless of everything the Republicans have done in the past 42 years to nullify the Constitution.
Fay Reid: Donald Hodgins referred to it as weakness. Not me. I agree with you; it is courageous to stand up to the GOP and pay the bills Congress accrued.
Tax hikes on the rich will solve a lot of problems. The reason we're in debt trouble is tax cuts for the rich. The rational that tax cuts for the rich and corporations would increase taxable GDP and make up for the tax cuts but that never happens. Just the rich get richer and the country is stuck with the bill.
Taxing the rest of us and giving the wealthy tax breaks is just what the repubs love!! But they talk about how they despise socialism which is what this is. Corporate welfare. They never get tired of that worn out old theme. Anyone willing to take the time to look at the facts on tax breaks will find how detrimental they are to our economy and our country. And how it is welfare for the wealthy people and wealthy corporations.
There has been discussions amongst the developed countries of a universal and mandatory 15% income tax on corporations. That makes lots of sense because many profitable corps do not pay their fair share.
Exactly, Philip. Reagan, Bush 43 and Trump all cut taxes and exploded deficits. When the obvious math error made its entrance, they said that spending cuts on programs helping average people were needed to make their mess balance. By their logic, people should volunteer to take a pay cut, buy a Mercedes and take a two month vacation, then decide to cut the food budget for the kids to make up the difference. Insane.
1. Mint a $2 trillion dollar coin (see Krugman). Yes it's a gimmick, but it'll buy another couple of years. Then mint another one if necessary.
2. Educate the American people that the National Debt is NOT the same thing as the Deficit, that it has been increasing for the last 80 years, can be expected to increase year on year, and is not a big deal. Tell them that the Debt Ceiling is an artificial American concept that doesn't exist in other countries, and that it should be scrapped.
3. Tell Kevin McCarthy to deal with George Santos then just get lost.
I would say 43 years, on the theory that the national debt is "sustainable" if it grows no faster than inflation. And that actually happened for 35 years after WW2: from 1946-1980, the inflation-adjusted national debt was almost perfectly flat (the nominal debt grew by an average 4%/year, but was cancelled by an average 4%/year inflation):
What happened after that? Reagan cut taxes on the rich and sent the (inflation-adjusted) debt into the sky. Clinton raised taxes slightly and oversaw a booming economy, ending his term with a slight inflation-adjusted surplus, but Bush 2 cut taxes on the rich and blew it up again (even before the 2007-2008 recession). Obama got the deficit back down substantially, but Trump cut taxes on the rich and blew it up again (even before COVID). Biden has already seen deficits shrink considerably: the 2021-2022 inflation-adjusted deficit was the lowest since the surplus of 2000. http://goliards.us/adelphi/deficits/
The pattern is pretty obvious: Republicans grow the deficit by cutting taxes for rich people, while Democrats shrink the deficit by either raising taxes for rich people or growing the economy. So it's a laugh that Republicans are "demanding" spending cuts (including in the IRS, which _increases_ the deficit) as a way to cut the deficit. It's like me lecturing Gary Kasparov about a terrific opening I've discovered called the Fool's Mate.
IMHO, yours is the best post of the day. So many believe falsely that Republicans are deficit hawks. It's their tax cuts that are allowing the debt to grow so that soon interest payments on the debt may exceed $ 1 trillion per year! Money that could be spent on helping the middle class and the poor!
Simon Rosenberg has been saying this for quite some time...it appears the only solution is large majorities and keeping Biden in place! It’s a heavy lift but we can pull it off. In the meantime, let’s hope no one gives the store away.
I stand corrected, but you know what I mean. The Deficit is part of the Debt, but is is simply NOT the Debt. The Debt is always rising because of inflation, and if you adjust for inflation it doesn't rise. 90% of Americans are confused about this. Why is Biden or his spokesperson not educating them?
Incidentally, the British Empire ran a Debt of 150% of GDP for most of the 19th Century - at its peak - but the Victorians were fastidious about keeping the Deficit close to zero.
National Debt is a nebulous concept that, as I understand it, is a measure of indebtedness. But indebtedness can be a sign of economic activity - a good thing. If I build a factory and put people to work, that's a good thing, but the National Debt goes up.
Agree about Reagan and Friedman - a total violation of Adam Smith, and all in the name of promoting capitalism! What bullshit. We would go a long way as a nation if we could just Reverse Reagan. Tax...The...Rich.
Thank you for posting this. Indeed the important question is the level and change of the “real” deficit “real” national debt which measures the debt burden. With the present inflation level I venture to say that the debt burden has not increased this past year.
I should point out something nobody's commented on: the "average 4%/year inflation" during that 35-year sustainable period. 4% inflation in the US was considered normal and unavoidable. People got upset in the 1970's when inflation topped 10%, peaking briefly at almost 20%, but Reagan was re-elected in 1984, and Vice President Bush elected President in 1988, in large part because of their administration's perceived success getting inflation back down to the 4% goal (at the expense of unemployment that peaked around 10%). It was a known fact that you couldn't get inflation lower than 4% without creating widespread unemployment, so people didn't try to do so.
But since about 1992, inflation has almost always been below 4%, and it hasn't created widespread unemployment. The Federal Reserve revised its inflation goal from 4% to 2%, and actual inflation was frequently less than that. There have been spikes of unemployment in 2008 and 2020 due to a finance-industry crisis and a pandemic respectively, but those *caused* inflation to drop rather than being a *result* of low inflation. We don't know exactly why the economy in recent decades has supported low inflation and reasonably-low unemployment simultaneously, which used to be considered impossible, but it has. See Paul Krugman's column, https://www.nytimes.com/interactive/2023/05/18/opinion/jobs-inflation-economy.html .
I've seen people in the past year complaining that inflation was "higher than ever in history", which is true if your history only goes back thirty years. In fact, the US's inflation rate (depending on which numbers you read) is currently about 4-5%, which would have been considered within the normal range, nothing to get upset about, for most of the past century.
I agree educating the public on the issue, and I am eager to see how our Republican congressman votes on the expelling George Santos. The Republicans have sunk to Santos' and Trump's levels of immorality.
I wonder. Does Joe Public have any idea that the Grand Old Party wants nothing more than to eliminate his Social Security check and access to Medicare, so that they can further cut taxes on the wealthy?
I have several questions. Why do the Republicans still have a party? Why do they still do this horrible stuff to ordinary people, and create widespread anxiety and despair? Why do they continue to violate Adam Smith with their shenanigans. And, perhaps the biggest question, why does Joe Public allow all this to happen?
Most people are focused on food, shelter, transportation, paying for healthcare, and insurance. If they have children, they are trying to keep them in school and ensure that they are learning. They don't have time to keep up on any issues that aren't sensational and repeated constantly on their cell phones. They unwind in front of mindless, violent, entertainment on television, or streaming if they can afford it.
But what I just don't understand is why they continue to vote against their economic interests. Is it racism? Is it right to life religiosity? What the hell is it?
And, if this is incorrigible why don't we go back to a State-based union, like the EU, where the States are basically self-governing, without a central government? I for one have no further interest in paying for food stamps in Kentucky.
I think those Joe Public people who seem to vote against their self interest are voting their interest in not wanting to be on the bottom. They want somebody below them and that translates to racism. Making or keeping impoverished black people down. I got that idea from Caste by Isabel Wilkerson.
Gloria J Maloney ; I agree; The Republicans need every vote so they are not about to get rid of Santos: no matter how illegitimate he is. They lie cheat and steal to get in power. There are other "Congress members" who have similarly sketchy resumes, and questionable funding sources., but the 4th estate is not going after that story. It is not in their interests. Democracy isn't either, apparently.
Item 1 -- I can think of few things that would cause more damage to the reputation of the US around the world than minting a $2 trillion dollar coin to "resolve" the debt ceiling crisis. Nobody is fooled by this "gimmick". Many would think the US had "lost its marbles" and that the clowns have taken over our finances. I think there would be negative economic effects, but don't know how bad. Krugman should get a "Booby Prize" for this suggestion.
Michael Hutchinson: let me qualify my liking you comment, I am liking numbers 2&3. But got a good laugh out of 1 as a lead in joke to lighten this very important crisis that needs continued “information” not “mis or disinformation “ hammered to the public on what and how this crazy “debt limit” ever got such traction and the cause of everyone’s problems.
I remember the 2011 fiasco when President Obama, in his inexperience of Republican treachery, "made a deal" with Republicans to get the debt ceiling raised. He did not repeat the mistake the next time the debt ceiling insanity came up because making such a mistake of negotiating over our debt with people (Republicans) who have no moral compass is a lose-lose proposition. Republicans get to brag that they make ?Democrats fold while their constituents suffer. However, the other piece to this puzzle is that our media has been portraying this Republican lying, cheating, and treachery as though it is a good-faith proposal to President Biden. It is not! If one notices all the areas Republicans under Little Kevvy want cut, one will notice they all prey on the most vulnerable among us: poor and disadvantaged people, you know, the ones who can't afford to contribute to Republican campaigns, the folks who are most in need of government services, the people Congress should be protecting: veterans, food insecure, medically insecure, and so on. Republicans know no shame, so they can't be embarrassed by their claims of being the "true Christians" while going against Jesus' teachings. Their hypocrisy is astounding, yet our media just keeps on with its ridiculous attempts at balancing something that has no balance. I do believe, though that President Biden should invoke the 14th Amendment, the one Republicans hate because it requires each of us to have rights that should be sacrosanct. Can't have that when lying and cheating, and denying people their rights are all Republicans these days have. I have heard NO Republicans standing up to Little Kevvy or commenting negatively about McConnell's pathetic comment that "this is McCarthy's problem." President Biden should say that this debt ceiling will be raised and we the people will pay our bills and on time, overriding Little Kevvy and his crew. Our Constitution should have precedence over Republican hostage-taking and it is time President Biden proves it. Then our media need to stand behind and beside him. We need the Dept. of Treasury Secretary to be on board too, something she has not done lately with her constant whining warnings. One would swear she was working with Little Kevvy in his childish bullying, begging our president to just go along with this disgusting set of cuts to supposedly save money. If Republicans really cared about the money, they would tax the very rich and investigate Pentagon waste, neither of which is even on the table. So, enough! President Biden, go with the 14th that requires we pay all our debts! Then negotiate the budget which is what should happen later.
Gloria. it seems to me that we are somehow afraid to follow the Constitution lately. Republicans sneak in something that is clearly against the law, like calling corporations persons and controlling women's physical lives which should both be illegal since our Constitution does not permit corporations to be either persons or to do a lot of things they do, and women are actually persons. And, money is never speech. Something that basic would be in the Constitution if the founders thought it was true; they knew about money. The 14th amendment says an insurrectionist or anyone who was involved in an insurrection cannot ever run for public office again, yet Trump is running as did a bunch of congressmen and senators, people who declared a losing candidate to be president. Something is wrong when we allow the second amendment that covers local militias to include every white person to have a gun wherever and whenever they want but can't even take the 14th amendment at its word. That is just nuts and more people need to speak out about it.
We are not afraid to follow the Constitution. As the wealth trickled up to the top and the system became more corrupt, certain elements, including the majority of the SCOTUS, refused to follow the Constitution when opportunities arose that didn't align with following the Constitution.
Definitely being ignored though, and the second amendment is totally misinterpreted for the benefit of gun manufacturers and the detriment of humanity.
I like your comment! The debt ceiling is a political creation that is unnecessary and should be eliminated. Raising taxes on the wealthy is the best way to reduce the deficit (though I don't like a wealth tax). However, I think Yellen has a point -- there will be negative economic effects (higher borrowing costs and lower economic growth) if Biden goes this route. How bad will they be? Don't know. With careful management of government bill paying, Yellen can minimize these effects.
Excellent Forbes article linked by Gloria, which makes it clear that Biden would be on firm legal ground in ignoring the debt ceiling. The question is, why wouldn’t Biden ignore it?
It is the President who decides how to handle an intransigent Congress not the Secretary of the Treasury, Ruth. Biden has to invoke the Constitution and just pay the bills according to his 14th amendment. According to Lawrence Tribe, he can do it without taking the matter to court. Let the dopes in the House try to defend their antics in a court of law. They would lose because the law says the bills must be paid.
Mary. You are right about needing Biden to simply invoke the 14th amendment. However, in the past few weeks, it has been the Treasury Secretary who has been getting the media coverage each time she sends a "letter" to someone about the debt ceiling. The ceiling is a ridiculous obstacle that should be illegal since the Constitution demands that our debts are paid, no exceptions. I don't care how long we have had the debt ceiling. It needs to be gone as unconstitutional!
Pay the bills. 14th Amendment. End of story. Why isn’t more being made of the fact that all this spending was already approved by congress. Not one cut. Not one.
There is never a solution with republicans because their end game is cruelty and chaos and to destroy Biden.
I think he could continue paying the bills under the authority of the 14th amendment, but taxing the rich is beyond his authority and would require an act of Congress. Not likely.
Blaming the the Fascist Republicans would certainly be the case if the US were to default, but the damage to the country would be huge. It shouldn’t be about blame it should be about what is best for the country and its people.
Negotiations would be to give in to the tyrannical rule by the minority and lead to pure chaos as it would never end. Fascism would replace democracy.
I've never understood nontax of churches. I interpret separation of church and state to mean the state doesn't give special treatment pro or con to churches/religion ; freedom of religion doesn't imply the state let's religion off the hook to meet civil obligations. But the law in this area has decided I am very wrong on this.
Biden should announce that he is invoking the 14th amendment. He should present this with a nationally broadcasted speech sharing that he has taken every step possible. The American government cannot be held hostage by irresponsible Republicans. The public needs to understand that this political approach by the Republicans is completely irresponsible. I hope Biden is taking every step to negotiate but will also be bold and use the power he had to act for the American people.
I do not understand why Biden is not simply saying we will invoke the 14th Amendment and continue to pay all our bills. I do not understand the drama. Sure he negotiated with Mitch in 2011 to his - hopefully - regret. There is a lot of BS reporting on our media about this when we could move on and consider other things more newsworthy. However, if this is a showcase of just how Neanderthal the GOP is, well, maybe that is worthwhile. If anyone is paying attention.
Actually I think and I hope that Biden is playing out the Republican hoax. Most Americans do not understand the complete calamity that Republicans are playing with… they are busy with their lives, and most expect those they have elected are responsible adults taking their lives and responsibilities seriously.
And yet not as it seems.
I am not quite sure if many Americans understand that we are in a very important period of national reckoning. Will we learn to be a democracy ( that which we have been ‘ becoming’ … and never thought I would ‘ say it’ but thank you LBJ… or are we to become a veiled autocracy .
This is very scary because it is creeping up on us…
Remind every single news outlet, every hour of every day going forward that he will not let the republican plutocrats hold the people hostage. We don't negotiate with terrorists. If they allow this default it will be totally on them. Congress is set up with procedures to make laws and fund the government, which is to say THE PEOPLE have a say in the congress through representation. Mccarthy and those other magghats only represent themselves. Don't Let The Press Get Away With Both-Sides-ism!
It is frustrating that the Dems take forever to enforce what is ours to enforce! But the problem is getting a real majority with republican Sinema & Manchin pretending they are not republicans. The numbers usually aren’t there to overcome a vote. And if it goes to court, we’re still dealing with TFG’s judge appointments. Yet Obama couldn’t seat one. 🤦🏻
My answer is a hybrid. Negotiate and tell the GOP that ONLY tax hikes for millionaires, or billionaires, or millionaires AND billionaires is on the table. The GOP gets to choose if they want to crash the economy and hurt all Americans, or simply raise taxes on millionaires and/or billionaires. I would reiterate that "vital domestic programs necessary for a first world country are off the table."
Much of the working class took a beating during COVID while Billionaires made billions. We cannot make cuts to the social safety net because UNLIKE billionaires, many working poor are still suffering from losses during COVID. Billionaires should be taxed more while the economy and working class are recovering and adapting to the post-COVID economy. Who would argue against that?
Biden should also say that it appears that some want to crash the economy so they can better their position to win Congress and the White House in 2024. It appears they want to burn down the economy so they can tell voters in 2024 that they have a better way. They refuse to raise taxes on billionaires because their billionaire donors dumped huge sums of dark money into the last election, and they will do it again.
During Obama's negotiations with the GOP, according to one UT Economist, every American would pay the equivalent of over $3,000. (I drove him to the airport the morning he was flying to DC to testify before Congress about the damage to the economy by not raising the debt ceiling and defaulting.) I forget his exact numbers.
You get the picture. Biden has a slam dunk because McCarthy will crash the economy to protect billionaires from tax hikes. A strong majority of Americans (and most all Christians) know this is fiscally and morally wrong to help the filthy rich and hurt the working poor. Who's the messenger in the House to question McCarthy these days? Nobody wants the ally-oop? Lol.
Keep the corporate Dems away from this debacle. They will only wind up offering the soul of the party in order to maintain decorum. These Dems chose not to end the “debt ceiling” when the Dems had both Houses of Congress.
But surely tax hikes on the filthy rich would be incredibly helpful. There should be no billionaires.
Barry De Jasu- I feel the same. We are living with the severe damage from Reagan’s removal of all regulations on Capitalism. This is the danger of the system and we must progress away from Capitalism. It is a form of insanity to allow people to hoard more money than they can spend in 4 lifetimes, while people go without shelter, food or medical care in this country!
I responded with number one because the Republicans have it backward. Congress approved the expenditures through the appropriation process with a majority vote. Now a minority want to say that majority vote was illegitimate.
I may not be the brightest bulb in the pack, but I see this effort as another way for the minority to impose its will on the majority...they had their chance to have their voice heard at the time of the vote and they lost. Like their standard bearer, they are sore losers and they expect the majority of Americans to cow tow to them...doesn’t sound fair and certainly doesn’t sound democratic.
Jean, you are so right. It is just another way Republicans want to grab power they don't deserve. They do want minority rule as long as it is they who get to do it. What a bunch of hypocrites! They would be screaming along with their media if it were Dems holding our economy hostage as they are.
President Biden is not caving, he's leading. The negotiations taking place are on the budget, not on the debt ceiling bill. He has always been willing to hold separate budget talks.
Everything is happening behind closed doors, so I may be wrong. But it appears to me that the idea is to reach a budget agreement now that will avoid a government shutdown in the Fall. That would be an excellent outcome.
Once a budget deal is in place, a "clean" debt ceiling bill can pass with a bipartisan majority. Whatever cuts are agreed to would not be specifically tied to the debt bill, so everyone (except MAGA) can claim victory.
If that is in fact what's happening, it's kind of brilliant.
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I really hope you are right Jerry. But if cuts don't come with accompanying pain for the rich and ridiculous, then he got played. Not saying brilliant until the agreement is concluded. And I love Joe Biden.....big fan.
No brilliance involved, its in his job description. He's the CEO. Congress is/are the management. I gurus the SCOTUS would act like a board of directors who's primary job is to oversee Corp (in this case USG) governance and assure its compliance with the org charter (in this case the USC). Under normal circumstances in a Corp environment, the CEO gets two votes in case of ties. Power politics practiced by management minorities, any minority is in explicit terms, a coup. The problem with an overthrow is that the right to determine who our CEO is, is determined by the voters. Can the managers negotiate vigorously, sure. Do they have the power to overthrow a despot, sure, its called impeachment.
All big woop, I know, but my overarching point is that the MAGA Cult, similar to the TEA Party before them have decided their imperatives are so overwhelming important, that they don't need to play by the rules and more they see no need to play with some reasonably acceptable level of decency and comportment. Not the first time in the history of our Republic by any means that radical crap talkers want most of all to disrupt and overthrow than to recognize the long standing value of, painfully slow moving and frustrating as they may be, the processes of our government.
I hope you are right. McCarthy needs some kind of a budget "win". If he gets it, he may pass a clean debt ceiling bill - with the help of the Democrats.
A discharge petition can automatically force a House vote on legislation if a majority of 218 members sign it. To force a debt limit vote, Democrats would need the support of all their members, as well as at least five Republican defectors.
House Democrats Move Forward With Petition to Force Debt Limit Vote https://www.nytimes.com/2023/05/17/us/house-democrats-petition-debt-limit-vote.html
Jerry Weiss: Well-written comment. However, there was no need to engage in faux negotiations. No need to change SNAP work requirement standards and raise the age to over 55 to find a job. How many businesses out there are just hungering for over-55 non-skilled workers or even skilled workers? On what planet? Can't concur with your "brilliant" assessment.
Do we know that any Dem has agreed to any of what the Rs want?
Don't know of any so far, just Biden in an obfuscating statement. From Huffpost May 17: "The president said Wednesday he would be open to stricter rules, just not “anything of any consequence.” It’s not clear what Biden meant by the statement; Republican proposals for stricter rules in three federal programs would affect millions of people."
Yes they would adversely affect millions of people. We have a revenue problem and in the case of the Pentagon, a spending problem. Everyone should see last night's (May 21,2023) 60 Minutes investigative reporting on the price gouging and bad contracts related to the Pentagon and weapons/planes manufacturing.
That's not how the press is reporting it. As usual, they're playing the "both sides at fault" game, just as they did with Obama. Prof. Reich is right, Biden needs to go on national tv and make clear REPEATEDLY that he is HAPPY to negotiate a BUDGET but NOT the paying of bills already due. He must also make clear to all Americans the shell game McCarthy is playing by pointing out that only Healthcare, Social Security, Defense, and or repeal of Trump tax cuts on wealthy could make any major difference and that GOP has already rejected raising revenue.
Appearing to negotiate does Biden no good, as he is not likely to be able to offer enough to the sick GOP nuts to get them on board. You don't negotiate with hostage-takers.
The press is obsessed with the drama of potential catastrophe, and consistently misses / ignores major parts of the story.
For example, there is almost never any mention of the fact that no conceivable budget-cut package will garner 218 Republican votes. Moderates won't agree to all the cuts MAGA wants, and MAGA won't agree to dropping any that moderates won't support. Therefore, the only thing that can be negotiated is a budget outline. The debt limit bill itself will necessarily be bipartisan. The press willfully ignores this, but everyone involved knows it.
For the record, President Biden said the following directly to the press before leaving for Japan Wednesday morning: "To be clear, this negotiation is about the outlines of what the budget will look like, not about whether or not we’re going to, in fact, pay our debts.” Seems to me that should be the lede.
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Too ugly for the weak minded and too corrupt for he honest.
You are so right, Jean. Congress approved these expenditures. Pay the bills!! The Constitution demands it, no matter what little kevin and his cohorts think.
President Biden should stand his ground and not negotiate. They can debate the budget at the appropriate time, but now, PAY THE BILLS!
I agree but we are not holding the ol' purse strings. I had hoped for these recalcitrant Rs to be hounded by we-the-people, I don't think that's happening. The people in their districts don't seem to understand...
"When it comes to attacking social programs upon which millions of people depend, the mantra of the [Republicans/Capitalists] is: Never let a good crisis go to waste."
"Whatever comes out of the debt ceiling talks will be only an initial step in the escalating and brutal assault by the entire corporate and financial elite on the jobs and living conditions of the working class."
WSWS
Along a parallel track, ol' Beau comment on Dem efforts to expel Santos focuses on the cloud hanging over any so called "bipartisan" accords those wank-publicans would possibly agree to.
LETS TALK ABOUT DEMS TRYING TO OUST SANOS, https://youtu.be/AbPx3hCsiaA
Would McCarthy et al intentionally "burn it all down?" Believe it! Their "war chest" is full to overflowing.
A politically relevant prognostication on how it will all play out: BIDEN NEEDS TO SHOW STRENGTH AT G7, https://youtu.be/_mcndiLpayU
Business Insider inadvertently affirms the opening WSWS quotes:
- The tech boom created billionaires and 'a whole lot of really poor, unhappy people,' says prolific author Douglas Rushkoff:
https://www.msn.com/en-us/money/markets/the-tech-boom-created-billionaires-and-a-whole-lot-of-really-poor-unhappy-people-says-prolific-author-douglas-rushkoff/ar-AA1bdY08
AND:
- Staffing firm CEO says more US companies are 'nearshoring' less-expensive workers from Latin America:
https://www.msn.com/en-us/money/companies/staffing-firm-ceo-says-more-us-companies-are-nearshoring-less-expensive-workers-from-latin-america/ar-AA1b48fR
Put the current border issues in perspective with "nearshoring." Talk about a shell game! While the MAGAs are stirring up workers about immigrants taking their jobs, the foreign nationals taking the jobs are "nearshore!" Misdirection 101!
From Heather Coc Richardson: "more than 140 leaders of the biggest U.S. companies published an open letter to the president and congressional leaders “to emphasize the potentially disastrous consequences of a failure by the federal government to meet its obligations.” They noted that when the government approached a default in 2011 under similar circumstances, the U.S. lost its AAA bond rating (which it has never regained), the stock market lost 17% of its value for more than a year, and “Moody’s reported that the heightened uncertainty from this crisis resulted in 1.2 million fewer jobs, a 0.7 percentage point higher unemployment rate, and a $180 billion smaller economy than it otherwise would have—dire impacts that occurred without an actual default.”
Every one of those leaders should pressure every member of the House to pass a clean bill.
We should find out whether any of these companies are shorting the US economy -- would benefit by default. And if so -- publicize the hell out of it and boycott .
Daniel Solomon: I wonder why the 140 corporate leaders who petitioned President Biden did not pressure McCarthy and 'Congress' to raise the debt limit? Seems they are in cahoots!
EXACTLY. These same "leaders" are likely still pumping Millions of $$$$ of bribes (called campaign contributions to put lipstick on that pig) to the GQP.
Sadly all legal!
And let us remember that all this dogfighting is keeping the country from dealing with CLIMATE CHANGE.
Daniel Solomon: since Congress controls the 'purse strings' , why are the corporate interests pushing Biden to further defraud the workers/taxpayers By "Not ruining our credit rating " and taking a hit? Talk about raiding the treasury! If President Biden caves on this without using any powers he may have to enforce the 14th Amendment, what's next?
That's why the President and every self-respecting member of both Houses must enforce upholding the Constitution against anything the crazies of the trumpster party throws their way.
Congress doesn't control the purse strings, wealthy corporate donors and trillion-dollar corporations do. They pay for congressional favor (fewer taxes; fewer restrictions) because it costs less than paying their fair share of taxes and mitigating the climate change damage they've caused to our planet.
Mr. Solomon: The letter should have been addressed to McCarthy and his Fascist gang not Biden. I don't doubt that many are shorting the US economy.
"We should find out whether any of these companies are shorting the US economy -- would benefit by default. " Give me a list of US economy stocks. I'll get the answers.
https://www.bloomberg.com/news/articles/2023-05-16/goldman-ceo-top-us-executives-urge-quick-action-on-debt-limit#xj4y7vzkg
Got it. Here's the full letter with all signators. https://pfnyc.org/news/open-letter-to-the-president-congressional-leaders-from-concerned-business-leaders/
Turns out real time trade data is not available- alas.
I'm sure the financial media - WSJ -- Bloomberg -- CNBC -- track the short markets.
Do!
Now, there’s an idea.
I agree wholeheartedly Daniel with you & Heather’s comments. I chose the 3rd option which said to pay the debts & increase taxes. That can be accomplished in the short term by overturning the 2017 tRump tax scam! This country has had a revenue problem for way too many years & has had tried to pay the bills only from the tax receipts from the middle & upper middle classes & maybe a few small businesses that don’t cheat on their tax bill!! I think Biden should just pay the bills, ignore the MAGATS, & tell them to take a flying leap off the nearest tall building bec he has the constitution on his side! However that debt ceiling came about, it should be repealed as something that means nothing & only gives a GOP minority the ability to have something to fight over & attempt to place the country in a hostage taking position! I wonder who & when this term Debt ceiling came from but it sounds like something that McConnell or Gingrich would have come up with ! They always want to make the poor, seniors, & lower middle class people have to suffer by removing their few small benefits that help keep their kids fed & provides a safety net with Medicaid health benefits rather than put the onus on wealthy individuals & wealthy companies to pay a higher tax rate. The wealth Inequality in this country has grown unfairly to benefit only millionaires & billionaires along with increasing their generational wealth! It’s long past time to even the score up bit by increasing their tax bill to a Fairness level that sticks & by removing all the loopholes that past GOP administrations brought into law! Bernie & Elizabeth Warren have spelled out all the ways this can be achieved & Biden should work toward them! More revenue is the only answer that’s logical!!
The strongest thing he could do is get legal scholars to tell the obsolete Trumplicans the score: Our Constitution DOES NOT ALLOW for us to stop paying our debts, evil billionaire creatures aside!
Jean, You are the brightest bulb in the pack! Thank you ! I too said # 1. And I am certainly part of the bright bulbs in the pack because we read and listen to those who understand the 14 th Amendment. Never apologize for understanding the weasels and their manipulation of all our laws and systems. They depend on the burned out bulbs!
Keep shining, keep reading and keep sharing. Our bulbs are energized and ready to burn long into the night!🌝🔥💫
ACTUALLY, the debt was driven up because the minority Republicans DID have their way, and they not only dragged the country to war in 2003 without a way to pay for it {and the ramifications of THAT have dragged on and on through to today!], but the Trump administration added something on the order of $8 trillion to the debt, on the say-so of Republicans. This isn’t them upset that they don’t have power — this is them wielding power in every way possible, regardless of whether or not they are entitled to do it.
You've got that right Pat. That is exactly the cause (along with the stupid 'supply side economics' that got us where we have been for the past 42 years. Wake Up America.
Folks, FYI I misspelled the word kowtow ☹️ my apologies, but the intent is the same.
There is nothing Biden can do without looking weak. If McCarthy wants to bring down the ship so be it, it's a Republican torpedo that will do the damage.
Mr. Hodgins: But the ship will still go down. I'd rather Biden look weak but do the right thing and pay the bills.
Jean --Agree to cripple social spending programs that benefit so many people all because Mr. McCarthy's ego needs feeding along with the idiotic Republican agenda. They want the default to happen, so be it. Don't give those fools ammunition to use in the 2024 election.
NOT agree to cripple social spending while exploding military spending — JUST KEEP PAYING THE BILLS. Congress APPROVED of these charges, pay them!!!
Pat-- I agree, pay the bills and make our national debt payment. Then discuss ways to lessen the load in the future.
Pat--The military spending we are endorsing is keeping our military out of the actual fitting. Putin won't stop. If he gains control of Ukraine that's just a stepping stone for his next move which will involve a NATO country and us. I would rather spend money now than American lives later. What do you think.
The debt issue was addressed 3 times during the Trump administration, which added 8 trillion dollars to the national debt, what happens the next time this comes up. What will McCarthy ask for then. He has to be made aware of the fact this country won't he held hostage.
Cutting the social programs McCarthy is asking for will only make the Democratic position seem weak against the good of the people. Future fuel the Republicans will use against Biden. It's a catch 22 scenario. Since Biden is damned if he does and damned if he doesn't let the blame fall on McCarthy and his ridiculous refusal to do for the Democrats whet they previously did for the Republicans.
That's not "weakness", Jean, that's courage! Courage to uphold the Constitution, which is still the Supreme Law of the United States of America, regardless of everything the Republicans have done in the past 42 years to nullify the Constitution.
Fay Reid: Donald Hodgins referred to it as weakness. Not me. I agree with you; it is courageous to stand up to the GOP and pay the bills Congress accrued.
THAT is scary!
GOP hasn't even created a sensible budget! Come ON!!! They only want to present themselves as in FULL CONTROL but they are only empty bullies.
Exactly right! Well said.
Is it even possible to borrow to pay the bills without the debt ceiling being lifted?
Tax hikes on the rich will solve a lot of problems. The reason we're in debt trouble is tax cuts for the rich. The rational that tax cuts for the rich and corporations would increase taxable GDP and make up for the tax cuts but that never happens. Just the rich get richer and the country is stuck with the bill.
Taxing the rest of us and giving the wealthy tax breaks is just what the repubs love!! But they talk about how they despise socialism which is what this is. Corporate welfare. They never get tired of that worn out old theme. Anyone willing to take the time to look at the facts on tax breaks will find how detrimental they are to our economy and our country. And how it is welfare for the wealthy people and wealthy corporations.
There has been discussions amongst the developed countries of a universal and mandatory 15% income tax on corporations. That makes lots of sense because many profitable corps do not pay their fair share.
Wish we could just do that. But how do you propose getting THAT solution enacted in THIS congress?
Yup.
Exactly, Philip. Reagan, Bush 43 and Trump all cut taxes and exploded deficits. When the obvious math error made its entrance, they said that spending cuts on programs helping average people were needed to make their mess balance. By their logic, people should volunteer to take a pay cut, buy a Mercedes and take a two month vacation, then decide to cut the food budget for the kids to make up the difference. Insane.
The rich get richer and the poor get poorer - Carlos Santana
1. Mint a $2 trillion dollar coin (see Krugman). Yes it's a gimmick, but it'll buy another couple of years. Then mint another one if necessary.
2. Educate the American people that the National Debt is NOT the same thing as the Deficit, that it has been increasing for the last 80 years, can be expected to increase year on year, and is not a big deal. Tell them that the Debt Ceiling is an artificial American concept that doesn't exist in other countries, and that it should be scrapped.
3. Tell Kevin McCarthy to deal with George Santos then just get lost.
I would say 43 years, on the theory that the national debt is "sustainable" if it grows no faster than inflation. And that actually happened for 35 years after WW2: from 1946-1980, the inflation-adjusted national debt was almost perfectly flat (the nominal debt grew by an average 4%/year, but was cancelled by an average 4%/year inflation):
http://goliards.us/adelphi/deficits/log%20real%20debt.png
What happened after that? Reagan cut taxes on the rich and sent the (inflation-adjusted) debt into the sky. Clinton raised taxes slightly and oversaw a booming economy, ending his term with a slight inflation-adjusted surplus, but Bush 2 cut taxes on the rich and blew it up again (even before the 2007-2008 recession). Obama got the deficit back down substantially, but Trump cut taxes on the rich and blew it up again (even before COVID). Biden has already seen deficits shrink considerably: the 2021-2022 inflation-adjusted deficit was the lowest since the surplus of 2000. http://goliards.us/adelphi/deficits/
The pattern is pretty obvious: Republicans grow the deficit by cutting taxes for rich people, while Democrats shrink the deficit by either raising taxes for rich people or growing the economy. So it's a laugh that Republicans are "demanding" spending cuts (including in the IRS, which _increases_ the deficit) as a way to cut the deficit. It's like me lecturing Gary Kasparov about a terrific opening I've discovered called the Fool's Mate.
IMHO, yours is the best post of the day. So many believe falsely that Republicans are deficit hawks. It's their tax cuts that are allowing the debt to grow so that soon interest payments on the debt may exceed $ 1 trillion per year! Money that could be spent on helping the middle class and the poor!
Simon Rosenberg has been saying this for quite some time...it appears the only solution is large majorities and keeping Biden in place! It’s a heavy lift but we can pull it off. In the meantime, let’s hope no one gives the store away.
I stand corrected, but you know what I mean. The Deficit is part of the Debt, but is is simply NOT the Debt. The Debt is always rising because of inflation, and if you adjust for inflation it doesn't rise. 90% of Americans are confused about this. Why is Biden or his spokesperson not educating them?
Incidentally, the British Empire ran a Debt of 150% of GDP for most of the 19th Century - at its peak - but the Victorians were fastidious about keeping the Deficit close to zero.
National Debt is a nebulous concept that, as I understand it, is a measure of indebtedness. But indebtedness can be a sign of economic activity - a good thing. If I build a factory and put people to work, that's a good thing, but the National Debt goes up.
Agree about Reagan and Friedman - a total violation of Adam Smith, and all in the name of promoting capitalism! What bullshit. We would go a long way as a nation if we could just Reverse Reagan. Tax...The...Rich.
Thank you for posting this. Indeed the important question is the level and change of the “real” deficit “real” national debt which measures the debt burden. With the present inflation level I venture to say that the debt burden has not increased this past year.
I should point out something nobody's commented on: the "average 4%/year inflation" during that 35-year sustainable period. 4% inflation in the US was considered normal and unavoidable. People got upset in the 1970's when inflation topped 10%, peaking briefly at almost 20%, but Reagan was re-elected in 1984, and Vice President Bush elected President in 1988, in large part because of their administration's perceived success getting inflation back down to the 4% goal (at the expense of unemployment that peaked around 10%). It was a known fact that you couldn't get inflation lower than 4% without creating widespread unemployment, so people didn't try to do so.
But since about 1992, inflation has almost always been below 4%, and it hasn't created widespread unemployment. The Federal Reserve revised its inflation goal from 4% to 2%, and actual inflation was frequently less than that. There have been spikes of unemployment in 2008 and 2020 due to a finance-industry crisis and a pandemic respectively, but those *caused* inflation to drop rather than being a *result* of low inflation. We don't know exactly why the economy in recent decades has supported low inflation and reasonably-low unemployment simultaneously, which used to be considered impossible, but it has. See Paul Krugman's column, https://www.nytimes.com/interactive/2023/05/18/opinion/jobs-inflation-economy.html .
I've seen people in the past year complaining that inflation was "higher than ever in history", which is true if your history only goes back thirty years. In fact, the US's inflation rate (depending on which numbers you read) is currently about 4-5%, which would have been considered within the normal range, nothing to get upset about, for most of the past century.
I agree educating the public on the issue, and I am eager to see how our Republican congressman votes on the expelling George Santos. The Republicans have sunk to Santos' and Trump's levels of immorality.
I wonder. Does Joe Public have any idea that the Grand Old Party wants nothing more than to eliminate his Social Security check and access to Medicare, so that they can further cut taxes on the wealthy?
I have several questions. Why do the Republicans still have a party? Why do they still do this horrible stuff to ordinary people, and create widespread anxiety and despair? Why do they continue to violate Adam Smith with their shenanigans. And, perhaps the biggest question, why does Joe Public allow all this to happen?
Most people are focused on food, shelter, transportation, paying for healthcare, and insurance. If they have children, they are trying to keep them in school and ensure that they are learning. They don't have time to keep up on any issues that aren't sensational and repeated constantly on their cell phones. They unwind in front of mindless, violent, entertainment on television, or streaming if they can afford it.
The ancient Romans knew that the way to retain power was to keep the masses entertained at the Coliseum. Nothing has changed.
But what I just don't understand is why they continue to vote against their economic interests. Is it racism? Is it right to life religiosity? What the hell is it?
And, if this is incorrigible why don't we go back to a State-based union, like the EU, where the States are basically self-governing, without a central government? I for one have no further interest in paying for food stamps in Kentucky.
I think those Joe Public people who seem to vote against their self interest are voting their interest in not wanting to be on the bottom. They want somebody below them and that translates to racism. Making or keeping impoverished black people down. I got that idea from Caste by Isabel Wilkerson.
People make their choice. They have time enough.
Media
Gloria J Maloney ; I agree; The Republicans need every vote so they are not about to get rid of Santos: no matter how illegitimate he is. They lie cheat and steal to get in power. There are other "Congress members" who have similarly sketchy resumes, and questionable funding sources., but the 4th estate is not going after that story. It is not in their interests. Democracy isn't either, apparently.
Item 1 -- I can think of few things that would cause more damage to the reputation of the US around the world than minting a $2 trillion dollar coin to "resolve" the debt ceiling crisis. Nobody is fooled by this "gimmick". Many would think the US had "lost its marbles" and that the clowns have taken over our finances. I think there would be negative economic effects, but don't know how bad. Krugman should get a "Booby Prize" for this suggestion.
Items 2 and 3 -- Totally agree!
Inclined to agree
Disagree. I think the world would breathe a sigh of relief that McCarthy had been put in his place.
McCarthy would not be out in his place. The immediate and ongoing response would be Biden caused the economy to collapse.
Michael Hutchinson: let me qualify my liking you comment, I am liking numbers 2&3. But got a good laugh out of 1 as a lead in joke to lighten this very important crisis that needs continued “information” not “mis or disinformation “ hammered to the public on what and how this crazy “debt limit” ever got such traction and the cause of everyone’s problems.
I remember the 2011 fiasco when President Obama, in his inexperience of Republican treachery, "made a deal" with Republicans to get the debt ceiling raised. He did not repeat the mistake the next time the debt ceiling insanity came up because making such a mistake of negotiating over our debt with people (Republicans) who have no moral compass is a lose-lose proposition. Republicans get to brag that they make ?Democrats fold while their constituents suffer. However, the other piece to this puzzle is that our media has been portraying this Republican lying, cheating, and treachery as though it is a good-faith proposal to President Biden. It is not! If one notices all the areas Republicans under Little Kevvy want cut, one will notice they all prey on the most vulnerable among us: poor and disadvantaged people, you know, the ones who can't afford to contribute to Republican campaigns, the folks who are most in need of government services, the people Congress should be protecting: veterans, food insecure, medically insecure, and so on. Republicans know no shame, so they can't be embarrassed by their claims of being the "true Christians" while going against Jesus' teachings. Their hypocrisy is astounding, yet our media just keeps on with its ridiculous attempts at balancing something that has no balance. I do believe, though that President Biden should invoke the 14th Amendment, the one Republicans hate because it requires each of us to have rights that should be sacrosanct. Can't have that when lying and cheating, and denying people their rights are all Republicans these days have. I have heard NO Republicans standing up to Little Kevvy or commenting negatively about McConnell's pathetic comment that "this is McCarthy's problem." President Biden should say that this debt ceiling will be raised and we the people will pay our bills and on time, overriding Little Kevvy and his crew. Our Constitution should have precedence over Republican hostage-taking and it is time President Biden proves it. Then our media need to stand behind and beside him. We need the Dept. of Treasury Secretary to be on board too, something she has not done lately with her constant whining warnings. One would swear she was working with Little Kevvy in his childish bullying, begging our president to just go along with this disgusting set of cuts to supposedly save money. If Republicans really cared about the money, they would tax the very rich and investigate Pentagon waste, neither of which is even on the table. So, enough! President Biden, go with the 14th that requires we pay all our debts! Then negotiate the budget which is what should happen later.
I agree with you and feel the same way about Yellen lately. Forbes has an article with "Six legal reasons the federal budget is its own debt ceiling and floor" which gives five reasons in addition to the Fourteenth Amendment that the debt ceiling is unconstitutional. forbes.com/sites/rhockett/2023/05/11/six-legal-reasons-the-federal-budget-is-its-own-debt-ceilingand-floor/?utm_medium=email&utm_source=substack
Biden should pay the debts and challenge the debt ceiling once and for all. Then we need a wealth tax and raise taxes on the wealthy to cut the debt.
Gloria. it seems to me that we are somehow afraid to follow the Constitution lately. Republicans sneak in something that is clearly against the law, like calling corporations persons and controlling women's physical lives which should both be illegal since our Constitution does not permit corporations to be either persons or to do a lot of things they do, and women are actually persons. And, money is never speech. Something that basic would be in the Constitution if the founders thought it was true; they knew about money. The 14th amendment says an insurrectionist or anyone who was involved in an insurrection cannot ever run for public office again, yet Trump is running as did a bunch of congressmen and senators, people who declared a losing candidate to be president. Something is wrong when we allow the second amendment that covers local militias to include every white person to have a gun wherever and whenever they want but can't even take the 14th amendment at its word. That is just nuts and more people need to speak out about it.
We are not afraid to follow the Constitution. As the wealth trickled up to the top and the system became more corrupt, certain elements, including the majority of the SCOTUS, refused to follow the Constitution when opportunities arose that didn't align with following the Constitution.
Definitely being ignored though, and the second amendment is totally misinterpreted for the benefit of gun manufacturers and the detriment of humanity.
Ruth, 🎯🎯
Thanks Ruth, very well stated!
And we need to abolish the debt ceiling!
I like your comment! The debt ceiling is a political creation that is unnecessary and should be eliminated. Raising taxes on the wealthy is the best way to reduce the deficit (though I don't like a wealth tax). However, I think Yellen has a point -- there will be negative economic effects (higher borrowing costs and lower economic growth) if Biden goes this route. How bad will they be? Don't know. With careful management of government bill paying, Yellen can minimize these effects.
Excellent Forbes article linked by Gloria, which makes it clear that Biden would be on firm legal ground in ignoring the debt ceiling. The question is, why wouldn’t Biden ignore it?
It is the President who decides how to handle an intransigent Congress not the Secretary of the Treasury, Ruth. Biden has to invoke the Constitution and just pay the bills according to his 14th amendment. According to Lawrence Tribe, he can do it without taking the matter to court. Let the dopes in the House try to defend their antics in a court of law. They would lose because the law says the bills must be paid.
Mary. You are right about needing Biden to simply invoke the 14th amendment. However, in the past few weeks, it has been the Treasury Secretary who has been getting the media coverage each time she sends a "letter" to someone about the debt ceiling. The ceiling is a ridiculous obstacle that should be illegal since the Constitution demands that our debts are paid, no exceptions. I don't care how long we have had the debt ceiling. It needs to be gone as unconstitutional!
Restore the tax of the rich that tRump cut! Make them pay!
Pay the bills. 14th Amendment. End of story. Why isn’t more being made of the fact that all this spending was already approved by congress. Not one cut. Not one.
There is never a solution with republicans because their end game is cruelty and chaos and to destroy Biden.
And destroy Democracy.
I think he could continue paying the bills under the authority of the 14th amendment, but taxing the rich is beyond his authority and would require an act of Congress. Not likely.
Blaming the the Fascist Republicans would certainly be the case if the US were to default, but the damage to the country would be huge. It shouldn’t be about blame it should be about what is best for the country and its people.
Negotiations would be to give in to the tyrannical rule by the minority and lead to pure chaos as it would never end. Fascism would replace democracy.
Timothy, very well stated!
Make sure that the so-called mega-churches are included in the taxed rich. In fact, tax all the so-called churches
I've never understood nontax of churches. I interpret separation of church and state to mean the state doesn't give special treatment pro or con to churches/religion ; freedom of religion doesn't imply the state let's religion off the hook to meet civil obligations. But the law in this area has decided I am very wrong on this.
Biden should announce that he is invoking the 14th amendment. He should present this with a nationally broadcasted speech sharing that he has taken every step possible. The American government cannot be held hostage by irresponsible Republicans. The public needs to understand that this political approach by the Republicans is completely irresponsible. I hope Biden is taking every step to negotiate but will also be bold and use the power he had to act for the American people.
🎯
Hurricane ; but it is really non negotiable!
I do not understand why Biden is not simply saying we will invoke the 14th Amendment and continue to pay all our bills. I do not understand the drama. Sure he negotiated with Mitch in 2011 to his - hopefully - regret. There is a lot of BS reporting on our media about this when we could move on and consider other things more newsworthy. However, if this is a showcase of just how Neanderthal the GOP is, well, maybe that is worthwhile. If anyone is paying attention.
Actually I think and I hope that Biden is playing out the Republican hoax. Most Americans do not understand the complete calamity that Republicans are playing with… they are busy with their lives, and most expect those they have elected are responsible adults taking their lives and responsibilities seriously.
And yet not as it seems.
I am not quite sure if many Americans understand that we are in a very important period of national reckoning. Will we learn to be a democracy ( that which we have been ‘ becoming’ … and never thought I would ‘ say it’ but thank you LBJ… or are we to become a veiled autocracy .
This is very scary because it is creeping up on us…
Certainly a clear illustration of the true intent of the MAGA GOP..
Remind every single news outlet, every hour of every day going forward that he will not let the republican plutocrats hold the people hostage. We don't negotiate with terrorists. If they allow this default it will be totally on them. Congress is set up with procedures to make laws and fund the government, which is to say THE PEOPLE have a say in the congress through representation. Mccarthy and those other magghats only represent themselves. Don't Let The Press Get Away With Both-Sides-ism!
In your dreams . . .
dnkarr and in our consciousness!
Thank you Dan from Maine! I totally agree…well said.
I call BS.
Biden should just invoke the 14th Amendment and continue to pay the bills.
Agree. Don’t negotiate with terrorists.
Kevin is over his head and too weak to negotiate anyway.
Enforce the 14th amendment. It was put into the constitution to prevent exactly what the GOP is trying to do.
It is frustrating that the Dems take forever to enforce what is ours to enforce! But the problem is getting a real majority with republican Sinema & Manchin pretending they are not republicans. The numbers usually aren’t there to overcome a vote. And if it goes to court, we’re still dealing with TFG’s judge appointments. Yet Obama couldn’t seat one. 🤦🏻
My answer is a hybrid. Negotiate and tell the GOP that ONLY tax hikes for millionaires, or billionaires, or millionaires AND billionaires is on the table. The GOP gets to choose if they want to crash the economy and hurt all Americans, or simply raise taxes on millionaires and/or billionaires. I would reiterate that "vital domestic programs necessary for a first world country are off the table."
Much of the working class took a beating during COVID while Billionaires made billions. We cannot make cuts to the social safety net because UNLIKE billionaires, many working poor are still suffering from losses during COVID. Billionaires should be taxed more while the economy and working class are recovering and adapting to the post-COVID economy. Who would argue against that?
Biden should also say that it appears that some want to crash the economy so they can better their position to win Congress and the White House in 2024. It appears they want to burn down the economy so they can tell voters in 2024 that they have a better way. They refuse to raise taxes on billionaires because their billionaire donors dumped huge sums of dark money into the last election, and they will do it again.
During Obama's negotiations with the GOP, according to one UT Economist, every American would pay the equivalent of over $3,000. (I drove him to the airport the morning he was flying to DC to testify before Congress about the damage to the economy by not raising the debt ceiling and defaulting.) I forget his exact numbers.
You get the picture. Biden has a slam dunk because McCarthy will crash the economy to protect billionaires from tax hikes. A strong majority of Americans (and most all Christians) know this is fiscally and morally wrong to help the filthy rich and hurt the working poor. Who's the messenger in the House to question McCarthy these days? Nobody wants the ally-oop? Lol.
Use the 14th amendment as the reason to keep paying the bills.
Nothing. Keep paying the bills.
Keep the corporate Dems away from this debacle. They will only wind up offering the soul of the party in order to maintain decorum. These Dems chose not to end the “debt ceiling” when the Dems had both Houses of Congress.
But surely tax hikes on the filthy rich would be incredibly helpful. There should be no billionaires.
Barry De Jasu- I feel the same. We are living with the severe damage from Reagan’s removal of all regulations on Capitalism. This is the danger of the system and we must progress away from Capitalism. It is a form of insanity to allow people to hoard more money than they can spend in 4 lifetimes, while people go without shelter, food or medical care in this country!
SeekingReason ; and they tax Social Security!