Posts

Showing posts from February, 2023

The Debt Ceiling and Negotiation

Republicans illicitly fuse two separate issues into one. 1) Raising the debt ceiling. Raising of the debt ceiling, other than its technical aspects, is not a negotiable item.  Obligations are enshrined in law.  They must be met by additional borrowing.  Or would my Republican friends, prefer a temporary suspension of the debt ceiling while congress and the president prepare draconian tax increases to pay obligations already assumed? 2) The federal debt is the result of the chronic excess of spending over revenue.  This can only be addressed by reducing spending and increasing revenue.  But Republicans have not only taken increasing taxes off the table, they are advocating subtracting resources from the IRS  resources needed to enforce existing tax law.  This Republican intransigence is basis for neither negotiation nor discussion.  Also,  while it may be prudent for the debt to grow more slowly there is neither economic nor fiscal basis for i...

The GOP Position on the Debt Ceiling is Extortion

 https://en.wikipedia.org/wiki/Extortion "Extortion is the practice of obtaining benefit through coercion. In most jurisdictions it is likely to constitute a criminal offence; the bulk of this article deals with such cases. Robbery is the simplest and most common form of extortion, although making unfounded threats in order to obtain an unfair business advantage is also a form of extortion. Extortion is sometimes called the "protection racket" because the racketeers often phrase their demands as payment for "protection" from (real or hypothetical) threats from unspecified other parties; though often, and almost always, such "protection" is simply abstinence of harm from the same party, and such is implied in the "protection" offer. Extortion is commonly practiced by organized crime. In some jurisdictions, actually obtaining the benefit is not required to commit the offense, and making a threat of violence which refers to a requirement of a p...