Pathetic Political Pantomime
The Dangers of a Debt “Negotiation”
What is happening in Washington is bananas.
Of course we could use much more colorful, or dignified, language.
Many in the press are framing the dynamic between the White House and House Speaker Kevin McCarthy over the looming possibility of a United States debt default as a “negotiation.” That’s like “negotiating” with your teenager over their desire to take the family car for an inebriated joy ride with friends on a Friday night.
Unfortunately, in this case the kids already have the keys and are at the demolition derby. They’re making it very clear that they’re more than happy to wreck everything unless you relinquish all your parental instincts.
This metaphor is already too stretched. But trying to make sense of what we’re witnessing requires defying most logic and language.
This is a hostage situation.
This is a reckless cabal that ran up the bill and now refuses to pay it.
This is a sign of just how broken our politics are.
The world looks on with disbelief.
Perhaps there would be a grim humor to the rampant absurdity if we weren’t dealing with a ticking time bomb that has the potential to blow up the American and global economies.
Apparently it is easy to ignore the chaos when you are immersed in alternative fantasies. Fox News talking points won’t pay the creditors. Unhinged conspiracy theories will provide no respite from the ultimate effects of that pesky concept called reality.
We all know that you make the best decisions when you’re plummeting toward an abyss, right? This shameless crowd weaponizes their blatant hypocrisy.
It’s fine to explode the debt when a Republican is in the White House and then stick the Democrats with the burden of galloping to the cliff's edge. Responsibility is for suckers.
It is true that our system of government was built on debate, compromise, and deliberation. But that is not what this is; this is a shakedown. This is using an existential threat to wrest concessions that would never occur in a proper legislative process.
Perhaps a deal will emerge that is not horrible. Perhaps it will pave the way for smoother running for the remainder of this Congress. Perhaps we will avoid the potentially catastrophic outcomes.
We certainly can hope for that. But let’s be clear before we get to the end game: This never should have happened. And the process is rotten no matter what transpires.
This pathetic political pantomime is beneath us as a nation. It is as embarrassing as it is dangerous. Hopefully we’ll get some last-hour resolution and pull back from the brink. If not, the price figures to be exceptionally heavy.
Either way, can we — will we — resolve never to let this happen again?
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Here's a speech I'd like to hear President Biden deliver tonight:
"My Fellow Americans,
“As you know, the global economy is perilously close to collapsing due to our national debt limit set by Congress. The failure of the Republican-led House of Representatives to do its job and provide for funding a budget it has previously approved has brought us to this moment. I'm here to assure you that I will do everything in my power to sustain the economic recovery we've achieved over the past two years, and save the global economy from the catastrophic effects that a debt default would bring.
“Some Republicans believe, and have said publicly, that they are willing to crash the global economy in order to stop my Administration from cleaning up the mess left behind by my predecessor. They believe that by destroying our economy, and the rest of the world's with it, they can hang their destructive deeds around my neck. Indeed, my predecessor, who is running against me in 2024, is inexplicably and irresponsibly advocating just that.
“I'm here to tell you I'm not gonna let that happen. Over the past several weeks, I've given Congress every opportunity to do its job. I've even negotiated with the House leadership to try to help them. But it's clear that they have a different agenda, one that does not serve the vast majority of Americans.
“Today I am announcing that I am fulfilling my duty under the Constitution of the United States of America, to which I swore a solemn oath to protect and defend, in committing our government to paying its bills by removing an artificial roadblock known as the debt ceiling. It’s a relic of a bygone era, superseded by the budget and appropriation process.
“In accordance with Section 4 of the 14th Amendment to the Constitution, I am instructing the US Treasury to provide the necessary funds to pay for existing obligations by incurring additional debt to the extent necessary to do so. This action does not in any way restrict Congress from passing legislation to increase the debt ceiling, but it does render it unnecessary.
“I take this action reluctantly, and with full knowledge that I will be chastised by many and challenged in court by a few. I do so without regard for what it may cost me personally, but understanding what not doing so would cost our country and indeed the world.
“I pledge to work with Congress to responsibly balance the budget so that we can reduce the debt going forward. We can do that through a sensible combination of revenue increases and expense reductions, both of which can be achieved substantially by rooting out waste, fraud, and abuse. But I will not allow our government to fail the American people, not on my watch.
“May God bless America, and may God protect our troops."
I notice of all the spending cuts that Congress has come up with, no one suggests that they, as millionaires, take a pay cut, or get fewer benefits. Instead, they suggest spending less on Social Security, Medicare, Veteran's benefits, or any other benefits to people who work outside Congress. I wish the President would suggest that they give the rest of us a break.