If you wanted to know what a planet run by drunken morons might look like, all you had to do was skim the headlines from last night. Ted Cruze “CAVED” we were told. “IT’S OVER.”
So now we have raised the debt limit. What does that mean?
We are told that it means that the United States won’t default on its debt. It will be able to pay the interest on the loans.
How will it be able to pay that interest?
Answer: By borrowing more money.
This means the world economy is safe. This means that the “recovery” we are in is going to continue unabated. We won’t sink back into recession.
Does anyone really believe that?
The Tea Party is now defeated. They have been discredited.
Because they didn’t want the government to go into more debt in order to pay interest on government debt they are discredited?
Sure, they wanted to get rid of Obamacare, which was described as a “partisan” desire. But Obamacare is a huge government program. We paid hundreds of millions of dollars just for a website that doesn’t work. No one can know how many more hundreds of millions will go into fixing it. Obamacare with its profligate Federal subsidies represented a will to spend and go deeper into debt. No wonder some Congressmen wanted to see it at least delayed. When someone insists on using their credit cards to pay the interest on other credit cards you try to get him to at least return to the store the last new expensive shiny thing he put on his credit card.
People who claim the Tea Party is defeated are living in a fantasy land. In the real world the debt is going to get scarier and scarier while Obamacare continues to shock and disappoint even Obama’s loyal fans. As the Federal Reserve’s QE continues to make millions for Wall Street, Main Street is going to see its standard of living continue to decline.
The Tea Party itself will evolve in this process. More people will realize that American business is often more interested in easy money from artificially low interest rates than in a real free market. They will realize that their patriotism has been manipulated to get them to support a massive military-industrial complex that has nothing to do with real national defense. They will learn that the same people who want to make them debt slaves also want to spy on them more than they care about spying on terrorists.
People who are now Democrats are going to start to doubt themselves.
Here is the test case. Look at this list of all the Senators who voted against the budget deal. Save it. Find out when they run for re-election. Let’s see how many lose their office. I predict that the vast majority will return and that more “Tea Party” Senators will join them. I think we will see much the same in the House.
Ultimately, of course, it doesn’t matter to me if I’m right or not. This government is a disaster that ought not be funded. And while economic upheaval is always painful, I’d rather get it over with than save it up for my children and grandchildren. Voting for an increase in debt to pay interest on debt is national suicide posing as public policy.
Better to be a sane loser than to join a triumphant group suicide.