Debt Ceiling Will Be Raised.
Sometimes the obvious is so obvious as to be nearly invisible, like opening one's eyes upon awaking to find one's face pressed hard against the ceiling. That ceiling will not appear to be a ceiling, but a mono-colored textured surface without dimension or other detail. Here are just a sampling of the myriad reasons the debt ceiling will be raised.
- The U.S. Chamber of Commerce will not allow the federal government to default upon its credit and debt ratings. Would be horrible for business.
- With interest rates so low, the stock market is the premium venue for growing invested money. The stock market would be crushed by a government default on its debt obligations. Investors would have no place to earn money for possibly years, which includes virtually every Senator and Congressman on Capitol Hill.
- Failure to raise the debt ceiling will constitute an unprecedented admission of failure by those in both houses Congress.
- Since, failure to raise the debt ceiling would put the economy back into a deep recession and very likely, a depression, voters will rally around the anti-incumbent voting theme in unprecedented numbers sweeping incumbents of both parties out of office in unprecedented numbers.
- Neither the Dem's nor GOP's would benefit from the failure, politically, in the long run.
- In the wake of a new Recession or Depression, civil unrest would ensue, and security surrounding politicians would become tentative, at best.
- The domino effect would become world wide, wiping out fortunes of the wealthiest.
There are no Democrats on the radar screen who would filibuster raising the debt ceiling. There are however, a number of Republican Senators, who might be induced to do so, in order to secure the Tea Party vote in 2012. A dark horse Presidential candidate currently occupying the Senate for example. Sen. Rand Paul might be just such a candidate. His political rhetoric would be consistent with such a filibuster. With the economy in a recession or depression, Obama's reelection would be dubious, and a political opportunist like Sen. Scott Brown might see the debt ceiling as a path to the White House as the dark horse candidate who encourages Rand Paul, or another, to filibuster.
An obvious candidate for the job of filibustering would be Sen. Jim DeMint who has publicly stated this week: "I will oppose any attempt to vote to raise the limit on our $14 trillion debt until Congress passes the balanced budget amendment." This is just the kind if imbecile who could destroy America's economy. If he is true to his words, he will filibuster, and raising the debt ceiling will not occur. There is no way in hell that a Constitutional Amendment could pass, and be ratified by the majority of States, before the debt ceiling has to be raised to avert a default on government obligations.
DeMint's demented logic, may be calculating that defaulting on government obligations to Medicare and Social Security recipients would be a good thing. However, imbecile's aren't able to think through the consequences. If the government defaults on its obligations to its own citizens, what will that communicate to our international lenders about our obligations to them? It would quite literally, be economic suicide for America, pulling the floor out from the bottom of the value of the U.S. dollar. Americans would need wheel barrows of $50 dollar bills just to do the week's grocery shopping. It's happened before in the 1930's, and apparently Republican Jim DeMint intends to repeat the flaws of history, as the ignorant are want to do.
It is unwise for any to presume that Nero won't fiddle while Rome burns, on the basis that Nero is the caretaker of Rome. In fact, it just may be Nero who orders the fire to be set.
Whether or not, Standard & Poor's had such specific scenarios in mind when they downgraded America's economic outlook from stable to negative, I do not know. But, they certainly are considering similar scenarios to assert such odds as one in three that America could default on its debt obligations. It is time for all good men and women with families to provide for to come to the aid of their futures by contacting their representatives and demanding that the debt ceiling be raised and a steep economic decline be averted.
This is one issue which, if political Russian Roulette decides the day, could destroy a hundred million, or more American lives over the years, or even decades, to come. Something is very wrong with the American political system when any ONE person in the Senate has the power to destroy the economy for all Americans for years or decades. Yet this is precisely the situation America finds herself in.
Contact your Congressman and demand that the debt ceiling be raised. Contact you friends and family, and ask them to do the same. Or, you can sit back and enjoy the game of Russian Roulette and blindly hope that Sen. DeMint, or another, doesn't choose to destroy your financial future for the sake of some insane principle.
This is no time for Americans to be fiddling while Republican Senators play with the fire of extremism.