Opinion: Suddenly Republicans claim debt reduction is important again [Opinion]
Republicans are threatening to block any debt limit extension if they don’t get significant debt reduction. They had no issues raising the debt limit three times under Donald Trump, “the king of debt,” to cover their tax cuts for the rich/corporate welfare bill which added almost $8 trillion to the debt.
Significant debt reduction to the GOP means cutting Social Security, Medicare and anything else that doesn’t benefit their largest campaign contributors. Mike Lee: “It will be my objective to phase out Social Security, to pull it up by the roots and get rid of it,” Lindsey Graham: “Entitlement reform is a must for us.” Ron Johnson thinks that a “GOP plan for tax increases on the poor and middle class along with the potential end of Medicare and Social Security is a “positive thing.”The imminent debt ceiling argument is like a family facing financial challenges.
The family authorized spending on various projects. Think of this as your family’s credit card balance, the manifestation of your spending choices bought on credit. If the debtor defaults, they will suffer a lower FICA score, or worse, bankruptcy. The credit card company is not going to be moved by your promise to spend less in the next period.
Congress is constitutionally responsible for spending and therefore, by extension, paying the debts they have accumulated, like the family in our analogy. It is Congress’ constitutional responsibility to balance spending and tax revenue in the future, just like a family would learn how to manage their financial health in a responsible manner or face financial ruin. To hold the debt payment hostage to future spending is insanity.
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