Republican saboteurs threaten to explode economy again

After experiencing the most disastrous Republican presidency of our lives, we are no longer surprised by Republican threats to sabotage economic recovery and restore American life under President Biden. An anti-American fringe now controls the party.

We survived the worst: the failure of a Republican president to prevent 600,000 American deaths in a pandemic that shattered our economy and confined us to our homes for a year and a half. The last thing we need now are Republicans tossing sand into the gears of rebuilding America.

But this week, Senate Republicans intend to block legislation to fund the government under Biden and prevent raising the national debt limit so the government can pay billions of dollars in bills that Congress. rallied under Donald Trump to fight the pandemic and continue paying Trump’s huge tax on cuts that have gone massively to the rich.

Once again, Texas Senator Ted Cruz will lead an obstruction to force the United States to default on its debts. When Cruz first tried in 2013 in an unsuccessful attempt to destroy the Affordable Care Act (ACA), many other Republicans condemned him as an irresponsible jerk. Paul O’Neill, former Secretary of the Treasury under George W. Bush, called the threat of destroying the economy to destroy domestic health care terrorism. John Boehner, then Speaker of the House, described it as madness.

Financial armageddon?

Now the mad terrorists control their party. Most Republicans, including Minority Leader Mitch McConnell, will vote with Cruz this week. But what has not changed is that economic experts continue to warn that forcing the United States to default on its debts will have catastrophic domestic and global consequences.

“It would be financial Armageddon,” said Mark Zandi, chief economist at Moody’s Analytics. “Stock prices would collapse. We would all be less wealthy, instantly. Jamie Dimon, CEO of JPMorgan Chase, said that a US financial default “could cause immediate, literally cascading catastrophe of incredible proportions and damage America for 100 years.” Interest rates would skyrocket on mortgages, credit cards, auto loans and loans from all businesses and all levels of government.

The strangest part about the Republicans’ refusal to raise the national debt limit is that no one in the party or the nation really cares about government deficit spending anymore. In 2013, a Gallup poll found that 20% of Americans viewed deficit spending by the federal government as the country’s biggest problem. In August, only 2% of Americans believed it.

GOP disaster scenario

Here is the most likely explanation for this dramatic drop in public concern over obscure budget issues that very few voters even understand. The 2013 poll came shortly after Wisconsin MP Paul Ryan’s partisan lies as Mitt Romney’s vice-presidential running mate in 2012. He claimed America was on the brink of total economic collapse due to deficit spending by Democrats under President Obama. The nation was in fact experiencing record growth.

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Ryan never really believed in his disaster scenario. It was a political rip-off from Ryan as Speaker of the House Budget to justify the savagery of his tea party budgets gutting Social Security, Medicare, Medicaid, ACA, food aid for hungry families and d other government benefits for Americans in need.

Ryan was ultimately exposed as a political fraud as Speaker of the House when he worked with President Trump and Senate Republicans to pass the biggest deficit spending increase in history as long as Republicans spent it and not the Democrats.

One of Ryan’s last official acts in politics was the passage of Trump’s huge tax cut in 2017 which cost $ 2 trillion in deficit, with 80% of the benefits over a decade going to corporations. millions of dollars and America’s richest individuals, billionaires and millionaires like Trump and Ryan.

Unpopular tax cut

It also made history as the most unpopular U.S. tax cut ever passed by Congress, creating a political backlash midway through 2018, sending a Democratic majority back to the House and Nancy Pelosi as president. . Ryan didn’t stay there for the political consequences. He suddenly decided not to run for re-election in 2018, stepping down from public service a much richer man.

The immediate retribution of voters in 2018 is unusual in politics. Republicans increasingly rely on short attention spans to quickly bury their most outrageous acts, even violent insurgency. They also know voters who have little interest in the intricacies of economics.

By disrupting the economy at the worst possible time – in another pandemic push in the wake of Republicans pushing anti-vaccines and discouraging smart public health measures – they’re pretty sure voters will blame Biden for everything. the chaos they create. . It’s the president, isn’t it? This will make great attack ads.

Republicans have been threatening to shut down government while holding the economy hostage since Newt Gingrich was Speaker of the House in the 1990s. Everyone has read all those doomsday quotes from economists about how suicide bombing politicians could. destroy America over the next 100 years.

It never happens. Republicans are still backing down. They would be crazy not to, right?

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