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article imageOp-Ed: Tea Party — Party of Deadbeats

By William M. Schmalfeldt     Oct 15, 2013 in Politics
Washington - Try an experiment. Go without paying your credit card bill next month. And then, if you have a car payment, ignore it. And that mortgage? Fuhgeddaboudit!
If you are a member of the far right wing of the Republican Party known as the "Tea Party" fringe, you may as well try that because that is what you are suggesting the United States Government do.
And most of the Tea Partiers say, it's no big deal if the US defaults on its credit obligations.
According to a report in Talking Points Memo:
The latest findings from Pew Research Center showed that while a slight majority of all Americans — 51 percent — believe that it is "absolutely essential" for Congress to raise the debt limit before the Thursday deadline, 69 percent of tea partiers said the U.S. "can go past the deadline...without major economic problems."
Sure. Why not. The Chinese know we're good for it, right? And Social Security? What was it Scrooge said, if they're going to die they'd better go ahead and do it? Why in the world should a nation pay its bills?
And no way will this cause a global economic crisis. The world knows we're cool. And they're cool. Everybody's cool. This is no big thing! Just chill, everybody. Soon as that Obama fella decides to give the Tea Party everything it wants, including throwing people with pre-existing conditions off of the Obamacare thing, they'll give Obama the go ahead to start writing the checks again.
Besides, it's not like he's a real president anyway. Durn Muslim Kenyan.
Don't confuse the Tea Partiers with any of that reality stuff that the liberals think is so precious.
That nonsense published in the LA Times, for instance:
Wall Street analysts predict a major sell-off in stocks and Treasury bonds – in part because it would scare investors who are uncertain about what would happen and make preemptive moves to protect themselves.
“It would put fear throughout the market and what would happen is you’d see an avalanche of selling,” said Quincy Krosby, market strategist for Prudential Financial. “And selling begets more selling.”
Some large institutional investors may not be able to hold bonds that are in default, so they could be forced to unload their massive holdings. Goldman Sachs analysts see a large-scale forced selling of Treasuries as a relatively low risk, however.
See? It's all a bunch of mumbo jumbo crybaby talk. Besides, who can understand all that financial gobbledygook?
A U.S. default would presumably lead to downgrade by credit ratings firms. Standard & Poor’s downgraded the U.S. credit rating two years ago during the last furor over the debt ceiling.
The immediate impact to the U.S. could be higher borrowing costs to fund government operations, because investors would demand higher interest payments to compensate them for newly demonstrated risk.
In other words, a default could exacerbate the U.S. debt.
A downgrade could also affect bonds issued by other government agencies at the state and local level.
Bah! The thing that's making the debt worse is that African Muslim Kenyan "you know what" in the Oval Office. Never mind the numbers that show the deficit has been dropping at record rates. That's just the government telling you what the government wants you to know! Tea Partiers know the score. And they're WINNING.
This opinion article was written by an independent writer. The opinions and views expressed herein are those of the author and are not necessarily intended to reflect those of DigitalJournal.com
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