All Things
So why should we care if the debt ceiling is not raised?
Will a decrease in the US debt rating hurt working people, poor people, regular people?
Maybe. But of course they are already being hurt. They, not the wealthy, not the bankers, are the ones who have suffered from the recession with losing their jobs, losing their homes, and losing their hope.
Can the pundits point to arcane, 3-steps later, ways in which the failure to raise the debt ceiling will hurt them even more? Probably.
But the proposed solutions, from the President and even worse from the Republicans, will institute permanent cuts in the programs that provide any benefits for regular folks. So it is unlikely that they would do any worse with a debt failure.
If the stock and bond markets suffer, if the bankers and billionaires suffer, good. It's time for them to feel some pain.
They probably won't, though. No matter what happens, the government will make sure that the rich and powerful are insulated, and the rest of us pay the price.
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p { margin-bottom: 0.08in; } Oh, no! The Debt. In the current year the Federal government takes in $2.5 trillion. But it spends $3.6 trillion. It must borrow $1.1 trillion on top of the $14 trillion we owe already. Let's put that in terms...
- One Perswon's Private Property Is Another Person's Unemployment
Many people believe that it is free enterprise – the single-minded pursuit of private profit-- that makes our country great, that gives us a high standard of living. But along comes the Simmons Mattress company forced into bankruptcy by several private...
- Do Americans Love Thgeir Children?
Do Americans love their children? Of course they do. Nothing is more certain than that. But let's look at some facts: 13 million children in the US are either hungry or in danger of going hungry. Almost half of all US kids, aged 6 to 13, are home...
- Why Are People Afraid Of Socialism?
Twenty years ago the Berlin wall came down and Soviet communism collapsed. Chinese communism has morphed into an authoritatian capitalism that destroys the environment and mercilessly exploits working people. Except for the tiny island of Cuba, communism...
- War On The Poor
Senator Obama recently gave a speech linking the high price of oil and gas to the Iraq War. But that is only a part of the connections between the war in Iraq and conditions at home. The war in Vietnam gave us the War on Poverty; the wars in Afghanistan...
All Things
Will debt failure finally cause the rich to feel some pain?
So why should we care if the debt ceiling is not raised?
Will a decrease in the US debt rating hurt working people, poor people, regular people?
Maybe. But of course they are already being hurt. They, not the wealthy, not the bankers, are the ones who have suffered from the recession with losing their jobs, losing their homes, and losing their hope.
Can the pundits point to arcane, 3-steps later, ways in which the failure to raise the debt ceiling will hurt them even more? Probably.
But the proposed solutions, from the President and even worse from the Republicans, will institute permanent cuts in the programs that provide any benefits for regular folks. So it is unlikely that they would do any worse with a debt failure.
If the stock and bond markets suffer, if the bankers and billionaires suffer, good. It's time for them to feel some pain.
They probably won't, though. No matter what happens, the government will make sure that the rich and powerful are insulated, and the rest of us pay the price.
-
p { margin-bottom: 0.08in; } Oh, no! The Debt. In the current year the Federal government takes in $2.5 trillion. But it spends $3.6 trillion. It must borrow $1.1 trillion on top of the $14 trillion we owe already. Let's put that in terms...
- One Perswon's Private Property Is Another Person's Unemployment
Many people believe that it is free enterprise – the single-minded pursuit of private profit-- that makes our country great, that gives us a high standard of living. But along comes the Simmons Mattress company forced into bankruptcy by several private...
- Do Americans Love Thgeir Children?
Do Americans love their children? Of course they do. Nothing is more certain than that. But let's look at some facts: 13 million children in the US are either hungry or in danger of going hungry. Almost half of all US kids, aged 6 to 13, are home...
- Why Are People Afraid Of Socialism?
Twenty years ago the Berlin wall came down and Soviet communism collapsed. Chinese communism has morphed into an authoritatian capitalism that destroys the environment and mercilessly exploits working people. Except for the tiny island of Cuba, communism...
- War On The Poor
Senator Obama recently gave a speech linking the high price of oil and gas to the Iraq War. But that is only a part of the connections between the war in Iraq and conditions at home. The war in Vietnam gave us the War on Poverty; the wars in Afghanistan...