I swear that and I probably believed this when, but in early 2011 when House Republicans just took control of the House of Representatives, that their so-called Tea Party Caucus didn’t know a damn thing about economics. At least fiscal policy, like the national debt and deficit. There’s a good reason why America has never defaulted on our debt and never needed to the International Monetary Fund to manage our government’s financial books. We’ve always had a Democratic Party and Republican Party at least at the leadership level that was smart enough never to risk that.
We don’t know if defaulting on our debt would’ve crashed the economy. But why do we know that, because we’ve never risked that before. The 2010 ten mid-term elections completely changed that. In comes the Tea Party Republicans who the only thing they know about economics is what anarcho-libertarians have told them. Who’ve never run anything at least as it relates to government. Who get these wild ideas that lifting the debt ceiling only means you approve of the national debt and don’t see it as a problem. And are giving Congress and the administration now and into the future permission to borrow and spend more.
The fact all that raising the debt ceiling does is pay the current bills. Our current interest on the debt and allows for the U.S. Government to buy time to pay down its debt with future deficit reduction agreements and economic growth. It is like making it official with a bank what you owe on the loan. So both sides know where they stand. The individual or group knows how much the owe and the bank knows how much they are entitled to. It doesn’t give them permission to add to their debt and put more money on the credit card. The Tea Party still doesn’t get that by in large.