Americans of both parties seem to have failed to understand exactly what “the debt ceiling” is. Given that the world’s dumbest Okiefornian, Qevin McQarthy, is dumb enough to tell the world what he will do if - god forbid! - he should finally get his chance to become the worst Speaker of the House in history, it seems time to bring readers up to speed on what tis is.
The onslaught of corrupt and ignorant Republicans is like being trapped in a flooding subway overrun with rats. There’s just no end to their irresponsibility and lack of statesmanship.
When I began A HISTORY OF THE DEBT CEILING, I knew that I was no Okiefornian, (California rabbit). First of all, I'm a born and bred NYC rat; second of all I am familiar with the debt ceiling. TC's piece, however, taught me what I was not familiar with.
While the debt ceiling was not to be a political weapon, it most definitely has been used as one.
'Section 4 Public Debt Clause' 14th Amendment
'The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.'
'If the United States were to default on our debt obligations - or even come close to default - the event would raise the question of the riskiness of everything else investors buy and would send shockwaves of panic through every other market. This happened in 2011 when the Tea Party Republicans came so close to defaulting that U.S. Debt was downgraded from AAA to AA. It cost we the taxpayers many millions of dollars.' (TC)
A HISTORY OF THE DEBT CEILING is a keeper. Okiefornians are not the only ones who need to know what it is, so do American citizens. Thank you TC for an excellent and necessary civics lesson.
We talk endlessly about our Democracy hanging by thread; knowing how the debt ceiling has and will be misused is to be aware of a substantial vulnerability and recognize the need to make it harder for autocrats to mess with it or as TC would say, 'any old Okiefornian'.
MaryB, Glad to hear that your recovery is 'good'. I have complete faith in your brain. It won't accept being anything other an absolutely faithful and keen friend. Salud!
Hope all is well. I’m sorry to say: I have felt your pain . . . In my knee, shoulders and neck. Big Yuck! Be sure to do your PT exercises. Once a joint is put through the rigors of repair, the muscles must be kept strong, or you’ll be in pain from misalignment and more trouble. Leg lifts regularly!
Is it not well past time to remove the "Do not drink" warning labels from bottles of bleach, along with all such other counter-productive so-called compulsory protective measures? Let Darwinism assist in producing better societies, I say.
So, apparently, the "win" claimed by the Biden administration in reversing the Trump deficit spending did not decrease the amount of the deficit itself, but rather only the rate of the increase? That's a rather shallow "win."
Oh, the stupid. It goes on and on. A bunch of fuckwits think cutting Medicare and Social Security, two programs we pay for ourselves, is a good idea (actually, they just want to steal the money we paid into them). Imagine the impact screwing over literally millions of baby boomers and disabled Americans will have on the popularity of the GQP. The stupidity is jaw-dropping. No wonder they want to destroy our democracy.
Very good lesson TC! A reminder that the value of money is very dependent on trust, and trust is not in command by anyone; it must be tendered, like the sealing of the roof. Letting the ceiling go through the roof would surely turn the world upside down!
After the 2008 crisis the trust of the dollar was in danger, that's how I interpreted Obama's whole hearted support for fracking oil and gas, and pipelines across Indian territory. The technology could be questioned for many reasons, but it proved to be economically viable and did reduce CO2-emissions with som 20%, but the urgency was due to the position of the dollar.
Amazing to see these abusers of Christianity not even hesitate blasphemy of the almighty Dollar.
Terrific "Mess" TC. Thanks for this. What are the chances that the Dems will extend the debt limit through 2024? Are there any people in Congress actually talking about this? And I wonder if there is any possibility of just dumping this whole concept. It's silly. The money is already spent. We ordered the lobster and the wine and we consumed it.
There are thoughts of dumping it. It would take a filibuster carveout, and we know the Democrats only have 48 votes for that. Manchin actually buys all the stupid reasons for having a debt ceiling, and Sinema is, well, Sinema...
Thank you for this thorough history and straight-forward analysis; I enjoy being enlightened.
"...McCarthy lamely countered that President Biden and congressional Democrats have spent too much money." Spent money on the American public ya dumb poo-poo!! If it's built in to the Constitution in the 14th Amendment, that should be the end of discussion. Oh, yeah, politics.
Thank you for the plethora of posts recently. Very needed and appreciated. I’ve been on the road since the hurricane whupped the Gulf Coast. Talked with many people out of state, especially in Ohio. I get the feel most people know in their gut how significant the upcoming election is. And, that it proves more and more difficult for deniers to continue to deny. They appear obstinate and out of touch. And they cannot believe that they cannot just get out of the rabbit hole. A slippery, greasy slope for sure.
Early voting surpassing all expectations in some places. The blue tsunami is gathering speed and momentum.
The onslaught of corrupt and ignorant Republicans is like being trapped in a flooding subway overrun with rats. There’s just no end to their irresponsibility and lack of statesmanship.
When I began A HISTORY OF THE DEBT CEILING, I knew that I was no Okiefornian, (California rabbit). First of all, I'm a born and bred NYC rat; second of all I am familiar with the debt ceiling. TC's piece, however, taught me what I was not familiar with.
While the debt ceiling was not to be a political weapon, it most definitely has been used as one.
'Section 4 Public Debt Clause' 14th Amendment
'The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.'
'If the United States were to default on our debt obligations - or even come close to default - the event would raise the question of the riskiness of everything else investors buy and would send shockwaves of panic through every other market. This happened in 2011 when the Tea Party Republicans came so close to defaulting that U.S. Debt was downgraded from AAA to AA. It cost we the taxpayers many millions of dollars.' (TC)
A HISTORY OF THE DEBT CEILING is a keeper. Okiefornians are not the only ones who need to know what it is, so do American citizens. Thank you TC for an excellent and necessary civics lesson.
We talk endlessly about our Democracy hanging by thread; knowing how the debt ceiling has and will be misused is to be aware of a substantial vulnerability and recognize the need to make it harder for autocrats to mess with it or as TC would say, 'any old Okiefornian'.
I’m in good recovery from knee replacement surgery and my brain may still be addled, but I find this brilliant.
MaryB, Glad to hear that your recovery is 'good'. I have complete faith in your brain. It won't accept being anything other an absolutely faithful and keen friend. Salud!
Hope all is well. I’m sorry to say: I have felt your pain . . . In my knee, shoulders and neck. Big Yuck! Be sure to do your PT exercises. Once a joint is put through the rigors of repair, the muscles must be kept strong, or you’ll be in pain from misalignment and more trouble. Leg lifts regularly!
Is it not well past time to remove the "Do not drink" warning labels from bottles of bleach, along with all such other counter-productive so-called compulsory protective measures? Let Darwinism assist in producing better societies, I say.
Great post. Thank you.
Thank you TC for another brilliant lesson
in how things work. McCarthy should read this and "learn" something from it.
The ignorance of the majority of the
Rethuglicans is amazing. And they want
to run/ruin our country? Yikes!
So, apparently, the "win" claimed by the Biden administration in reversing the Trump deficit spending did not decrease the amount of the deficit itself, but rather only the rate of the increase? That's a rather shallow "win."
No, it is paying down on the amount.
Oh, the stupid. It goes on and on. A bunch of fuckwits think cutting Medicare and Social Security, two programs we pay for ourselves, is a good idea (actually, they just want to steal the money we paid into them). Imagine the impact screwing over literally millions of baby boomers and disabled Americans will have on the popularity of the GQP. The stupidity is jaw-dropping. No wonder they want to destroy our democracy.
Very good lesson TC! A reminder that the value of money is very dependent on trust, and trust is not in command by anyone; it must be tendered, like the sealing of the roof. Letting the ceiling go through the roof would surely turn the world upside down!
After the 2008 crisis the trust of the dollar was in danger, that's how I interpreted Obama's whole hearted support for fracking oil and gas, and pipelines across Indian territory. The technology could be questioned for many reasons, but it proved to be economically viable and did reduce CO2-emissions with som 20%, but the urgency was due to the position of the dollar.
Amazing to see these abusers of Christianity not even hesitate blasphemy of the almighty Dollar.
Thanks for this great report, TC.
Terrific "Mess" TC. Thanks for this. What are the chances that the Dems will extend the debt limit through 2024? Are there any people in Congress actually talking about this? And I wonder if there is any possibility of just dumping this whole concept. It's silly. The money is already spent. We ordered the lobster and the wine and we consumed it.
There are thoughts of dumping it. It would take a filibuster carveout, and we know the Democrats only have 48 votes for that. Manchin actually buys all the stupid reasons for having a debt ceiling, and Sinema is, well, Sinema...
Thank you for this thorough history and straight-forward analysis; I enjoy being enlightened.
"...McCarthy lamely countered that President Biden and congressional Democrats have spent too much money." Spent money on the American public ya dumb poo-poo!! If it's built in to the Constitution in the 14th Amendment, that should be the end of discussion. Oh, yeah, politics.
Just plain, flat out sizzlin’, TC, sizzlin’.
Thank you for the plethora of posts recently. Very needed and appreciated. I’ve been on the road since the hurricane whupped the Gulf Coast. Talked with many people out of state, especially in Ohio. I get the feel most people know in their gut how significant the upcoming election is. And, that it proves more and more difficult for deniers to continue to deny. They appear obstinate and out of touch. And they cannot believe that they cannot just get out of the rabbit hole. A slippery, greasy slope for sure.
Early voting surpassing all expectations in some places. The blue tsunami is gathering speed and momentum.
Unita. 🗽