Corrente

If you have "no place to go," come here!

Default, get ready for it

DCblogger's picture

Obama is Prepared to Break Social Security, Defense Authorization and Food Safety Laws Along with Many Others

This would be much worse than the government shut down in 1995, and far more unpopular. It would be radioactive. It is our job to keep reminding people that it is entirely unnecessary, one little platinum coin has the power to make this all go away.

If social security checks don't go out, rent will to unpaid, small landlords will be bankrupt, and the economic ruin will roll across our economy like a brush fire whipped by the wind.

And it is completely unnecessary. Obama has an option. He is doing this because he wants to.

A power structure that is not capable of ordering its finances is a text book symptom of a collapsing regime.

0
No votes yet

Comments

Alexa's picture
Submitted by Alexa on

I remember from a previous "crises," hearing some economists on the so-called left criticizing President Obama for doing what he did again yesterday--threatening seniors with withholding their Social Security checks.

From what I recall, these economists said that the way the system's set up, that is not going to happen (and Obama knows it). [Granted, I'm not an economist. Just repeating what I recall from last year.]

IMO, all of this is posturing to give Obama "cover" for slashing Social Security (and Medicare).

Just heard Annie Lowrey on XM Radio (NYT economic reporter, Economix column) say she's confident that there will be a "package of cuts" (not just Chained CPI) to Social Security, to come out of these negotiations.

She's in favor of them, of course. Says the markets aren't worried--they know they're coming, too.

Submitted by lambert on

Squee!

letsgetitdone's picture
Submitted by letsgetitdone on

the Dems are fixing to give away the 2014 Congressional Elections the way they gave away the 2010 ones, by supporting Obama's ruinous policies. Whence comes this drive for self-destruction!

DCblogger's picture
Submitted by DCblogger on

I have no doubt that Obama is engaging in Kabuki, and I have no doubt he is doing this because he wants to cut social security and medicare. I just think he is backing himself into a corner. happy to be wrong, at least about the default part. Obama is a truly horrible president.

letsgetitdone's picture
Submitted by letsgetitdone on

He needs to mint the $60 T coin; otherwise he'll have anotherdebt ceiling crisis in less than a year.