Tea Party “favorite” John “Could you pass me the Kleenex” Boehner has already strayed from the fiscal conservatism that he loves to lecture the American public on. When asked about Congress not raising the debt limit, Boehner responded, “That would be a financial disaster not only for our country, but for the worldwide economy…Remember, the American people on Election Day said we want to cut spending and we want to create jobs. You can’t create jobs if you default on the federal debt.”
Except who said anything about defaulting on the national debt? Refusal to raise the debt ceiling would not result in a default. If the debt ceiling is not raised – something which seems out of the question as of now – the Treasury would have to pay off debt obligations and interest before it could use that money for other things (this would, however, be limited to discretionary spending). So, whatever money is leftover after servicing the debt could be used by the government. This would force the government to make the drastic cuts that the Tea Party politicians promised to make.
In the very same interview, Boehner triumphantly declared, “There is no limit to the amount of spending we’re willing to cut.” If he were serious, which he clearly is not, he would encourage his fellow Republicans to vote down the debt ceiling.
Or he could do as Murray Rothbard once implored the government to do during the fiscally extravagant Reagan Administration: repudiate the national debt.
However, Boehner won’t do either further proving that the American political system is a two headed snake that gives false choices, i.e. between fiscal conservatism and fiscal recklessness. Remember, it’s not the left vs. right; it’s the state vs. you!Published in