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November 30, 2010

Raise the Debt ceiling NOW to avoid Blackmail next Spring

By Josh Mitteldorf

Alan Simpson has suggested that next spring would be a dandy time to blackmail the President, using the debt ceiling. He has good reason to believe that Obama will be a far easier target than Clinton was in 1995. For four more weeks, the Congress is controlled by Democrats. This is the time to raise the debt ceiling.

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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.

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.


Authors Bio:



Josh Mitteldorf, de-platformed 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 modeling in a variety of areas, including evolutionary ecology and economics. He has taught mathematics, statistics, and physics at several universities. He is an avid amateur pianist, and father of two adopted Chinese girls, now grown. He travels to Beijing each year to work with a lab studying the biology of aging. His book on the subject is "Cracking the Aging Code", http://tinyurl.com/y7yovp87.



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