Today’s hot topic is that the default crisis is not a crisis at all. Apparently it is all made up to scare voters. It is, in other words, yet another in a long line of conspiracies cooked up by the Democrats to divert the honest folk of America from the imminent socialist/Islamist takeover being masterminded in the White House. The extremists are, naturally, our last line of defense against that ghastly prospect....
But there are now emerging a sizable number of more extreme Republicans arguing that potential US debt default is no big deal. Indeed some are arguing it will be healthy, not just here but worldwide. And, from what I can tell, they actually mean it. I call it the Republican “non-default” strategy.
Their thinking goes this way....
One good thing emerges from pulling on the strands of GOP fantasy: it reveals their goal. They were never, ever, concerned about the budget deficit. They have always been focused on a total defunding of government, especially the roll-back of social programs.
The exercise above is thus one they would actually like to set in motion for real. This is why some of them look at the “non-default” strategy with misty eyes. It’s what they want to happen. And they are so close to arriving at their preferred destination.
Which is why they have dug in and are driving the timid Republican leadership over the cliff.Real-World Economics Review Blog
Who cares about default?
Peter Radford
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