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Fear Mongering for Fear Mongers

261
hicsuget6/24/2011 12:51:25 pm PDT

Speaking of fear-mongering… failure to raise the debt ceiling limit will not cause a default on existing debt. Debt service is ~$164B per year; tax revenues are roughly $2,200B per year. Avoiding default is a simple matter of cutting spending on so-called “mandatory” programs.

The idea that, if the debt ceiling is not raised, our nation will continue to fund, say, Medicaid at 100% while failing to pay interest on the debt, is absurd. Failure to raise the ceiling will merely force an evaluation of which unsustainable promises to renege on.

There are a lot of things it is reasonable to blame Republicans for, but shooting the messenger here is irresponsible, and raising the spectre of default is, well, fear-mongering.