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Raise the Debt ceiling NOW to avoid Blackmail next Spring

By   Follow Me on Twitter     Message Josh Mitteldorf       (Page 1 of 1 pages)     Permalink    (# of views)   5 comments

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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.
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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.
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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.

 

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Josh Mitteldorf, a senior editor at OpEdNews, blogs on aging at http://JoshMitteldorf.ScienceBlog.com. Read how to stay young at http://AgingAdvice.org.
Educated to be an astrophysicist, he has branched out from there to mathematical (more...)
 

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