Daily Archives: July 15, 2011

The GOP’s Debt Ceiling Dilemma

Debt Ceiling Dopes

The Republicans have truly painted themselves into a corner with regard to their refusal to raise the debt ceiling.  Their demand that the ceiling may only be raised along with substantial entitlement cuts but without any tax increases for the wealthy or the closing of tax loopholes for corporations, is unrealistic. Unfortunately for the GOP, the American public has seen through the charade.

CNN reports that a Quinnipiac University survey indicates that two-thirds of the public say an agreement to raise the debt limit should include tax hikes for wealthy Americans and corporations, not just spending cuts. According to the poll, almost half of voters say congressional Republicans would be mainly responsible if there’s no agreement, with 34 percent saying the Obama administration would be most at blame. By a 49 to 33 percent margin, independent voters would blame the GOP more than the administration. Additionally, a Gallup poll released Wednesday reveals that 73% of Americans believe that some sort of tax increase should be included with raising the debt ceiling. These polls indicate that the Republican Party is out of step with the majority of Americans.

The entrenched Republicans understand their unpopular position but most can do nothing to extricate themselves from it. The reason for their dilemma is that most every member of the GOP. has signed a no-tax-hike pledge. A whopping 235 House members and 41 senators, almost all of them Republicans, signed a pledge written by Americans for Tax Reform President Grover Norquist, in which they promised not to raise taxes for any reason whatsoever. Consequently, they face being called liars if they do the right thing and abide by the wishes of Americans to include increased tax revenues in a debt ceiling bill.

Republicans do not want to anger their small but radically conservative base by breaking their pledge, so their new tactic is to try to fool the American public into believing that an American credit default would not be disastrous. Everyday we hear some Tea Party backed Republican proclaim that things would pretty much carry on as normal if the nation defaults. Even Presidential candidates Ron Paul and Michele Bachmann are echoing that fallacy.

The reality however, is that a national credit default would cause untold damage to our frail economy. Interest rates would likely soar as the value of the dollar plummets. Our debt obligations would also increase drastically as the result of higher interest rates on our national debt. Our nation would also be faced with the difficult decision of deciding between paying our creditors or meeting our obligations to Social Security recipients and military families. A truly bad situation.

To put things in better perspective, the aptly-named Perspectives.com offers this wonderful list of “The 10 Things The GOP Does Not Want You To Know About The Debt“:

  1. Republican Leaders Agree U.S. Default Would Be a “Financial Disaster”
  2. Ronald Reagan Tripled the National Debt
  3. George W. Bush Doubled the National Debt
  4. Republicans Voted Seven Times to Raise Debt Ceiling for President Bush
  5. Federal Taxes Are Now at a 60 Year Low
  6. Bush Tax Cuts Didn’t Pay for Themselves or Spur “Job Creators”
  7. Ryan Budget Delivers Another Tax Cut Windfall for Wealthy
  8. Ryan Budget Will Require Raising Debt Ceiling – Repeatedly
  9. Tax Cuts Drive the Next Decade of Debt
  10. $3 Trillion Tab for Unfunded Wars Remains Unpaid

Sometimes the facts and the truth can prove to be painful. In this case they are truly painful to the Republican Party.

Please remember to click on the song link below to familiarize yourselves with the tune and to have more fun singing along with today’s very topical song parody.

Welcome To My Nightmare song link: http://www.youtube.com/watch?v=IKpEoRlcHfA

WELCOME TO MY NIGHTMARE

(sung to the Alice Cooper song “Welcome To My Nightmare”)

Welcome to my nightmare
You ain’t seen nothin’ like it
I think you’re gonna feel
Something’s wrong

A cerebral vacation
Republicans need sedation
Their mouths will be filled with foam
Before too long

Welcome to my nightmare, ohh

Welcome to my breakdown
Does Eric Cantor scare you?
That’s just the way they are
In Red State towns

They sweat and laugh and scream there
Mann Coulter’s their wet dream there
He really makes them feel
Right at home, there

Welcome to my breakdown, ohh
You’re welcome to my nightmare, yeah

(hypocrisy break)

Welcome to my nightmare
You know I just don’t like it
G.O.P. makes me feel
I don’t belong

They lie and shout and scream there
And Palin is their queen there
They all giggle and squeal
At her throne, there

Welcome to my nightmare, ohh
Welcome to my breakdown
Yeah!

(great instrumental fade out)

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