The House is voting on a “clean” debt ceiling bill today — a bill to raise the debt ceiling without any “hostage-taking” conditions. This is the right thing to do for the country and every Democrat should vote for this. Voting for a clean bill will draw the contrast for the public between those who are doing the right thing, and those willing to hold the world’s economy hostage to a make-the-rich-richer plutocracy agenda. Democrats who do not vote for a clean bill should lose committee assignments, parking places, even bathroom keys.
(Update: Jed Lewison at DailyKos explains reasons every Democrat should vote against today’s Republican sham-bill. Either way, unity is what we need here.)
The Debt Ceiling
The country’s “debt ceiling” has been reached. This means that the government’s authority to borrow money has reached its limit. The Treasury Department is engaging in gimmicks and schemes to keep the country going but time is running out. The Congress must extend this limit, or the government will default on its bonds.
If our government defaults on its bonds it would initiate a worldwide financial crisis that dwarfs the Wall Street meltdown of a few years ago.
WHY We Have This Debt
In 1981 the Reagan administration dramatically changed the course of the country. They defunded government by passing huge tax cuts for the rich and massively increasing military spending, and began cutting back on the things We, the People (government) do for each other. The country cut back on maintaining — never mind modernizing — our infrastructure, our schools, colleges and universities, scientific research and other things that make us competitive in world markets. We began cashing in our factories and moving the jobs out of the country. As a result of Reagan-era changes our trade deficits soared, wages stagnated, pensions disappeared, and a few extremely wealthy started getting much, much richer.
One major result of these changes, of course, was the huge budget deficits that accumulated into today’s massive debt. This was the plan from the start, to “starve the beast” by defunding government and forcing the debt to reach a level where there was no choice but to cut back on democratic government’s protections for the people, unleashing plutocracy.
Hostage-Taking Enabled: The Tax Cut Extension
This debate over the debt ceiling and hostage-taking follows the recent extension of the Bush tax cuts — another product of hostage-taking. At the end of the last Congress unemployment benefits for the millions of unemployed were running out. Republicans — having filibustered much of the legislation of the prior two years — held the extension of benefits “hostage” saying they would not let it pass unless the deficit-creating Bush tax cuts were extended.
Enough Democrats caved and passed an extension of the Bush tax cuts. This validated hostage-taking as a successful tactic while making the deficit much worse, setting the stage for today’s debt-ceiling fight.
The Vote Is A Trick
Today’s vote has been scheduled by the Republican leadership as a trap, trying to get some Democrats to vote with Republicans to support their hostage-taking agenda and create the appearance of bipartisan support for plutocracy. If the Republican position gets the support of enough Democratic members, Republicans can then demand deep cuts in Medicare and other programs that help people and hold corporate power in check, in exchange for their votes to allow the world’s economy to continue to operate.
The vote is intended to expose fault lines within the Democratic caucus, with Republicans counting on sizable number of Democrats to side with them and bolster their case that Democrats need to agree to deep spending cuts as a condition to raising the debt limit.
Vote For A Clean Debt-Ceiling Bill
Voting for a clean bill stops government-by-hostage-in its tracks. Voting for a clean bill saves the world’s economy. Voting for a clean bill fights the plutocracy agenda. Voting for a clean bill saves Medicare, Social Security and the things We, the People do for each other. Voting for a clean bill is the right thing to do and doing the right thing is the right thing politically.
Call your member of Congress NOW and demand a vote for a clean debt-ceiling bill.
Dave Johnson (Redwood City, CA) is a Fellow at Campaign for America's Future, writing about American manufacturing, trade and economic/industrial policy. He is also a Senior Fellow with Renew California. Dave has more than 20 years of technology industry experience including positions as CEO and VP of marketing. His earlier career included technical positions, including video game design at Atari and Imagic. And he was a pioneer in design and development of productivity and educational applications of personal computers. More recently he helped co-found a company developing desktop systems to validate carbon trading in the US.
"The world is a rigged game"
Matt Taibbi at Rolling Stone: “Word has leaked out that the London-based firm ICAP, the world’s largest broker of interest-rate swaps, is being investigated by American authorities for behavior that sounds eerily reminiscent of the Libor mess. Regulators are looking into whether or not a small group of brokers at ICAP may have worked with up to 15 of the world’s largest banks to manipulate ISDAfix, a benchmark number used around the world to calculate the prices of interest-rate swaps.”
On winning and values
So, right-wingers, you want a society where families are stable, where everybody looks like you and shares your Christian faith, and where the government pretty much stays out of your business? It’s not in some Randian fantasy, it’s right here in the USA.
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