Opinion Columnist
Washington Post
https://www.washingtonpost.com/opinions/2022/10/18/gop-debt-ceiling-plan-financial-crisis-recession/
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House Minority Leader Kevin McCarthy (Calif.) and other Republicans have recently backed proposals to make the 2017 Trump tax cuts permanent, as well as to extend or expand several other corporate tax breaks.
Never mind that Americans think corporations already pay too little in taxes, according to many polls. Cutting taxes further is also likely to make inflation worse, for the same reason that Republicans argue that increased government spending can also make inflation worse: Giving people more cash to spend when there’s limited stuff to buy drives prices up.
The scariest part of the recently disclosed GOP economic agenda, however, has largely gone under the radar. It’s the plan to hold the debt ceiling hostage next year, which could easily precipitate a global financial catastrophe.
Republicans have withheld their support from raising the debt limit before, usually framing their hostage-taking as a commitment to fiscal restraint. But the debt ceiling has nothing to do with new spending; rather, it’s a somewhat arbitrary statutory cap on how much the government can borrow to pay off bills that it has already incurred, through tax and spending decisions that Congress has already made. Refusing to raise the debt limit is like going to a restaurant, ordering the lobster and a $500 bottle of wine, and then declaring yourself financially responsible because you skipped out on the check.
Actually, it’s worse than that.
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Forcing a debt limit crisis, as the world teeters on the verge of recession, is the opposite of what you would pursue if you cared about strengthening the economy. But no matter: Just look at the context-free polls! Surely, under GOP stewardship, the economy will be in good hands.
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Read Catherine’s complete op-ed at the link.
Democrats try hard, if imperfectly, to solve problems for the general good. The GOP, not so much! Their focus is on lining the pockets of their “fat cat” funders, replacing “good government” with chaos, and “beggar thy neighbor” policies.
🇺🇸 Due Process Forever!
PWS
10-19-22