Dear Editor: The Republicans who ran up the un-budgeted trillions in debt (bills due) now want to default on paying them by not raising the debt limit. Their strategy is to stop spending on everything the government does. It’s like asking a person in debt to stop buying food, stop paying for the mortgage, sell the car.
The Democrats’ strategy is to borrow more money from the bank (American people) by allowing the debt limit to rise. Republicans will then ask for more cuts to pay for any borrowing.
Our own Sen. Ron Johnson is a leader in this camp of Republicans. He is famous for telling us that the national government’s debt is “the same as kitchen table financing.” It is not! It is not like a private business either. It is why we have three different financial systems called: private financing, corporate financing and public financing. These are interdependent systems that need to be kept in control (regulations) and in reasonable balance. The public financing system operates with a whole different set of rules and goals that permit the private and corporate systems to function properly. When any one gets out of balance it stresses or even crashes the system. At least 20 new books by American economic writers lay out these issues and discuss them in detail, yet I see little discussion coming from the Republicans in the 112 and 113th Congress.
T. G. Bell