The “debate” over raising the debt ceiling has reaffirmed something we already know: Republicans want to crash the economy so they can make President Obama a one-term president.
There is so much evidence of that; even if you discount Teabagger Republican Presidential wannabe Michele Bachmann saying that high unemployment is good for her. The Senate Minority Leader has said that his only goal is making Obama a one-termer, and the GOP-controlled House has not introduced a single jobs bill when they said their No. 1 goal during the 2010 election was “jobs, jobs jobs.
We know Republicans are negotiating in bad faith because that’s their history. It’s like negotiating with terrorists. How do you negotiate in good faith when you take half the equation in debt reduction off the table? It’s also hard to negotiate with someone who wants the negotiations to fail so the country goes into a recession and military families and senior citizens do not get the check that keeps them solvent.
We saw their negotiating style last December over the two-year extension of the Bush-era tax cuts for the rich in exchange for a 13-month extension of unemployment insurance benefits. Republicans could care less what happens to the unemployed who are just getting by as long as the haves are taken care of.
The debt ceiling was raised seven times during the Bush administration, yet I don’t recall this much grinding of teeth. Billionaire investor and businessman Warren Buffett, one of the richest men in the world, got it right when he told CNBC that Republican demands to lower spending before raising the government debt ceiling are counterproductive.
“It’s just silly,” Buffett told CNBC of attempts to force cuts by threatening inaction on the debt ceiling. “You really don’t have any business playing Russian roulette to get your way in some other matter. We should be more grown up. When you have somebody with a gun to your head, do you really come out with the greatest, the most properly reasoned solution to something?”
Most of the debt was inherited by Obama after Bush took a surplus and turned it into a record deficit while plunging the country into a recession. The debt created by Obama was to stimulate the economy and lift the country out of the Bush recession; the deepest and longest since the Great Depression. The economy is recovering slowly, and that is why Republicans are so hell bent on killing the recovery to make Obama look bad. That’s something that was not lost on Buffett.
“We had debt at 120 percent of the GDP, far higher than this, after World War II and no one went around threatening that we’re going to ruin the credit of the United States or something in order to get a better balance of debt to GDP,” he said.