Doubling Down on Default

Remember last summer when Republicans took America hostage by refusing to raise the debt limit thus almost causing the country to default and leading to a reduction of America's credit rating. It was a national embarrassment hidden behind a facade of fiscal stewardship that itself is nothing but either a total misunderstanding of economics or a cheap political ploy to undermine the President.

Either way the episode was a debacle. America's image was tarnished as was our credit rating - although that little episode was a debacle as well. If no agreement can be reached by January 1st, additional tax hikes and across the board spending cuts will automatically go into effect. Republicans have already shredded their integrity in this ordeal, so it comes as no surprise that they have already passed legislation that will never go anywhere to spare the military from cuts, replacing those funds by cutting more from social programs. The Republican path to prosperity sure does involve the creation of a diminishing middle class.

Of course there is still plenty of time for the sides to reach a deal on the debt ceiling and future spending and revenues, but of course good ole John Boehner - I'm having trouble remembering why I used to think he was actually capable of compromise - has already promised to double down on defaulting, declaring that Republicans will not raise the debt ceiling unless every dollar is met by spending cuts for deficit reduction and, of course, increased revenue is off the table.

This ignorance and obstinacy has already cost America. Of course, Republicans are much less concerned with the welfare of our economy and our people than they are with winning control of government and protecting millionaires, so why not double down on a strategy that will further harm the economy and potentially derail President Obama's reelection bid? That's been the strategy since day one after all, and since the American people are not the priority of the Republican party, adding to our suffering is a trivial concern. Who cares if spending cuts hurt the economy if it leads to Mitt Romney's election?

Republican economic policy got us into this mess, and their strategies to get us out of it are nothing but a rehash of those ideas except pushed to an even further extreme. Ronald Reagan would be appalled. If Republicans could help govern responsibly, compromising while still advocating for ideas that would fuel economic growth - and they have those ideas! That is the irony of this whole thing, Republicans COULD contribute to the conversation, they just refuse to do so - then America would be better off. Alas, that political party has retreated to the fringe on both economic and social issues, and prefers to sit there while the country suffers rather than being part of the solution.

Doubling down on default may make John Boehner feel tough, and it may appeal to the lunatic Tea Partiers, but it's bad economic policy, and with any luck, bad political policy as well. America is sick of this protracted economic slump, and we know who is to blame. Telling us you want to take even more from us while protecting your super wealthy friends isn't going to win over anyone with any brains.