GUEST COLUMN: The truth about the debt ceiling | Guest columnists
Now, if you think I’m “crying wolf,” think back to the days when Republicans played chicken with the debt ceiling during Barack Obama’s administration. You might remember that even though the Republicans walked around and finally approved the increase in the debt ceiling at the last minute, the consequences of their madness were pretty costly for all of us. For the first time in history, on August 8, 2011, Standard and Poor’s downgraded the US government’s credit rating from its highest rating of AAA to AA + because, according to S&P, “efficiency, stability and predictability ”of policy-making and political institutions had weakened in a time of persistent challenges. The three major US stock indices fell 5-7% that day.
Today we hear the same type of partisan rhetoric we heard in 2011. For example, in a recent email, Ashley Hinson, representative for Iowa 1st District, proudly proclaimed, “I’m not going to write to them. [Democrats] a blank check to keep spending on socialist policies. Notice how Hinson twists the truth about the debt limit. He is not It is true that the suspension of the debt ceiling will give Democrats “a blank check to keep spending on socialist policies.” The truth is that the suspension of the debt limit must be done to pay off the past obligations already approved by the two political parties. The debt limit must be raised, not only to pay for Trump’s tax cuts, but also to make Social Security payments, not only to pay the salaries of all government employees, including the military, but also to pay all the obligations already contracted by the federal government.