MarketWatch, a publication that caters to investors, recently warned that some Republicans plan to take the debt ceiling hostage to demand Social Security cuts. Everyone, not just seniors, would be hurt by using the debt ceiling to damage Social Security. When Republicans engaged in debt-ceiling hostage-taking in 2011, it led to a credit downgrade that prolonged the Great Recession.
Even pro-Wall Street MarketWatch reminds investors that the debt ceiling is “must-pass legislation that does not authorize new spending but prevents the United States from defaulting on its existing financial obligations.”
Social Security, paid out of a separate trust fund, is not contributing to the deficit. Decades of tax cuts for the rich and corporations are contributing; the debt ceiling is about covering debts already incurred. But Republicans only care about deficits when Democrats hold the White House. Their focus is on winning political points and hurting President Joe Biden, just like they sought to hurt Presidents Barack Obama and Bill Clinton. They don’t care about the collateral damage — us.
The Republicans behind this plan should be told now that they’ll be the ones who pay a political price if they resort to this tactic.
Sara Patrick,
Strongsville
Source link
