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New Republican legislation in the House and Senate would force the U.S. government to reroute huge amounts of money to China and other creditors in the event that Congress fails to raise its debt ceiling.
"I intend to introduce legislation that would require the Treasury to make interest payments on our debt its first priority in the event that the debt ceiling is not raised," Sen. Pat Toomey (R-PA) wrote in a Friday Wall Street Journal op-ed.
If passed, Toomey's plan would require the government to cut large checks to foreign countries, and major financial institutions, before paying off its obligations to Social Security beneficiaries and other citizens owed money by the Treasury -- that is, if the U.S. hits its debt ceiling. ...
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Whoa-whoa-whoa; wait just a minute. Social Security is not paid for out of general revenues. It is withheld as payroll tax from almost every worker's paycheck, and allocated specifically toward providing a stable retirement for elderly Americans. Advocating using it for another purpose is not far from advocating raw theft."[T]his idea is unworkable," said Deputy Treasury Secretary Neal Wolin in a statement. "It would not actually prevent default, since it would seek to protect only principal and interest payments, and not other legal obligations of the U.S., from non-payment. Adopting a policy that payments to investors should take precedence over other U.S. legal obligations would merely be default by another name, since the world would recognize it as a failure by the U.S. to stand behind its commitments."
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Besides, there would be all those messy riots in the streets... all those old people who don't take kindly to being robbed by Tea Party economics. The standard line at our tea party, delivered while each of us holds a large club, should be "One lump or two?"
Democracy is taken not given. Toomey and his fellow fascists will be done in.
ReplyDeletemandt, I don't want to do him in; I just want him to leave, to take his fascist attitude and cram it in some small third-world tinpot dictatorship in which he is NOT the dictator. Now that, I'd pay good money to see.
ReplyDeleteIt's morons like him that are killing the country I was raised to respect and honor. I'd pay money to see how long he'd last in a place like Iran.
ReplyDeleteOh, I think they should do it, so they can force people out into the streets, only I don't think that the American crowds would be quite as orderly as the Egyptian crowds.
ReplyDeleteThese people can't imagine what it is like to be run over by a motorized wheelchair, but they may find out soon enough.
Kay - he has no chance of survival in any society less tolerant than America, and these days, even America's patience is being tried.
ReplyDeleteBryan - as an occasional rude pedestrian has found out from me, an old cripple in a grocery ride cart can be a formidable opponent!
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