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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsMany in G.O.P. Offer Theory: Default Wouldn’t Be That Bad
Very scary. Maybe we should start calling the Tea Partiers the Banana Republicans.
WASHINGTON Senator Richard Burr, Republican of North Carolina, a reliable friend of business on Capitol Hill and no ones idea of a bomb thrower, isnt buying the apocalyptic warnings that a default on United States government debt would lead to a global economic cataclysm.
We always have enough money to pay our debt service, said Mr. Burr, who pointed to a stream of tax revenue flowing into the Treasury as he shrugged off fears of a cascading financial crisis. Youve had the federal government out of work for close to two weeks; thats about $24 billion a month. Every month, you have enough saved in salaries alone that youre covering three-fifths, four-fifths of the total debt service, about $35 billion a month. Thats manageable for some time.
As President Obama steps up his declarations about the dire consequences of not raising the debt limit, increasing numbers of Congressional Republicans are disputing that forecast, as well as the timing of when the Treasury might run out of money and the implications of a default, further complicating the negotiating situation for both Mr. Obama and Speaker John A. Boehner, who must find a way out of the impasse.
Both men were counting on the prospect of a global economic meltdown to help pull restive Republicans into line. On Wall Street, among business leaders and in a vast majority of university economics departments, the threat of significant instability resulting from a debt default is not in question. But a lot of Republicans simply do not believe it.
http://www.nytimes.com/2013/10/09/us/politics/many-in-gop-offer-theory-default-wouldnt-be-that-bad.html?smid=tw-share&_r=1&
Proud Liberal Dem
(24,503 posts)we're screwed
Skinner
(63,645 posts)Biologists say evolution is true... They don't believe it.
Geologists tell them the earth is billions of years old... They don't believe it.
Meteorologists tell them that climate change is happening... They don't believe it.
Economists tell them that default would be catastrophic...
Volaris
(10,315 posts)It will be IMMEDIATELY proven to them.
It will be akin to the following: deny evolution, and a velociraptor appears in your kitchen. (No saddle on that motherfucker either, by the way...just rage and hunger and teeth.)
As much as this will suck if they do this, the silver lining is that I will throughly enjoy watching these fools get eaten alive.
gopiscrap
(23,817 posts)xfundy
(5,105 posts)They may, for a while, till global climate change finishes them off, if hungry enraged mobs, and the power of scientists and the creative class don't kill them first. The logic--It will BURN.