First and foremost, let's get this little factoid out of the way: raising the debt ceiling doesn't add to the deficit in any way. It's a way to pay for funds that have already been spent -- and authorized -- by congress. Therefore, not raising the debt ceiling likewise does nothing to reduce spending, deficits, or the national debt. It would, however, mean economic disaster. Think of it as a credit card payment -- except with this card, if you miss one payment, you default and go into bankruptcy. Seriously, this is
really, really bad.
So Republicans who threaten to vote against raising the debt ceiling as a way to reduce spending and the deficit are lying or stupid. The move would save nothing, while the actual cost may be incalculable. Social Security, Medicare, and Medicaid payments wouldn't be made. Federal employees -- including members of the military -- would not be paid. Federal bondholders worldwide would see their bonds become irredeemable. The ripple effect would spread out from the US and likely create a worldwide economic crisis, earning us few friends in the world. Our credit rating would crash. We may even finding ourselves facing economic sanctions from bond-holding nations as a result. This would be an incredibly boneheaded move and anyone who seriously argues for taking that route loves America not at all.
It's a variation of the he-who-smelt-it rule that those who mostly loudly proclaim to love America most are those who love her least. Tea Party Republicans claim to be the biggest freakin' patriots in the whole world, while arguing that America's best days are behind her, that great things are now impossible, that we must scale back our national ambitions and become a small people with measly dreams of a not-extremely impressive future. They march under a banner of "Status Quo Forever!" -- except they advocate a step back and down from the status quo. They're cowardly anarchists who hate government, but want to keep the police and military. Otherwise, everything can go. We used to all be in this together as a team, 'baggers envision a nation where everyone's on their own. One nation, no longer individual but divided into millions, each trying to get what they can cheat others out of and to screw everyone else as fast as they can. Social Darwinism run amok.
So, of course, we can't count on these guys do actually do what's best for the nation. There's no guarantee that they will. And that's where a crazy scheme to mint a trillion-dollar platinum coin comes in...[
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