1+1=2, water is wet, and default is bad


Some good news for those in the reality-based community following the debt ceiling discussions in Washington: House Republican leaders are getting their head-in-the-sand brethren prepared to do the responsible thing and vote for a debt ceiling increase.  Amid reports of continuing private negotiating sessions—which, frankly, is how the negotiating should be done—Budget Committee chairman Paul Ryan explained to the Republican conference the realities of what would happen if the U.S. government were to default on its loan payments, and it appears to have worked with some of them:

“He said if we pass Aug. 2, it would be like ‘Star Wars,'” said Rep. Scott DesJarlais, a freshman from Tennessee. “I don’t think the people who are railing against raising the debt ceiling fully understand that.”

I don’t think there’s anything wrong with not wanting to raise the debt ceiling, with wishing it weren’t necessary; but there’s everything wrong with refusing to do it, with denying the overwhelming evidence that it will lead to serious economic problems for most of the country, because you’re trying to prove the validity of a discredited economic theory.  Extremists have co-opted the once-proud name of “Republican Party” to pursue their radical ends with some cover of respectability, and every one of us who didn’t do enough to shine the light of reason on their goals and tactics must take part of the blame for their current power.

Paul Krugman put some perspective on this in a column this week:

A number of commentators seem shocked at how unreasonable Republicans are being. “Has the G.O.P. gone insane?” they ask.

Why, yes, it has. But this isn’t something that just happened, it’s the culmination of a process that has been going on for decades.

(snip)

As The Times’s Nate Silver points out, the president has offered deals that are far to the right of what the average American voter prefers — in fact, if anything, they’re a bit to the right of what the average Republican voter prefers!

Yet Republicans are saying no. Indeed, they’re threatening to force a U.S. default, and create an economic crisis, unless they get a completely one-sided deal. And this was entirely predictable.

(snip)

Supply-side voodoo — which claims that tax cuts pay for themselves and/or that any rise in taxes would lead to economic collapse — has been a powerful force within the G.O.P. ever since Ronald Reagan embraced the concept of the Laffer curve. But the voodoo used to be contained. Reagan himself enacted significant tax increases, offsetting to a considerable extent his initial cuts.

(snip)

Recently, however, all restraint has vanished — indeed, it has been driven out of the party. Last year Mitch McConnell, the Senate minority leader, asserted that the Bush tax cuts actually increased revenue — a claim completely at odds with the evidence — and also declared that this was “the view of virtually every Republican on that subject.”

(snip)

…those within the G.O.P. who had misgivings about the embrace of tax-cut fanaticism might have made a stronger stand if there had been any indication that such fanaticism came with a price, if outsiders had been willing to condemn those who took irresponsible positions.

(snip)

…there has been no pressure on the G.O.P. to show any kind of responsibility, or even rationality — and sure enough, it has gone off the deep end. If you’re surprised, that means that you were part of the problem.

I hope the report of House leadership having a “come to Jesus” meeting with the GOP conference is a sign that there is still some responsibility and rationality there that can be accessed to do what’s right for everyone.

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