Periodically, Congress is called upon to raise the statutory debt ceiling, and next spring is the next time this will be necessary. 15 years ago, Newt Gingrich used the occasion for a showdown with Bill Clinton: He held the government hostage to demands for radical changes in fiscal policy, until Clinton faced him down and public opinion forced a retreat.
Alan Simpson has suggested that next spring would be a dandy time to repeat this blackmail. link
He has good reason to believe that Obama will be a far easier target than Clinton was.
Last week, Michael Hudson warned us
that the Republicans were preparing to use the occasion for mischief: he suggested the target would be to replace the progressive income tax with a regressive "flat tax" on wages only (not financial income). This would be rough on working people, but a boon to billionaires.
In an OpEdNews article
, Chris Floyd amplified these fears, and fleshed out the scenario.
For four more weeks, the Congress is controlled by Democrats. This is the time to raise the debt ceiling. It will remove a lethal weapon from the arsenal of the incoming Republican Congress.
Call your Congressman. Tell him to raise the debt ceiling now.
|The views expressed in this article are the sole responsibility of the author
and do not necessarily reflect those of this website or its editors.