Holy Crap – Michele Bachmann’s Right
I agree with Michele Bachmann. Quick, take a picture – this can’t possibly last.
Wednesday, in pre-sponse to President Obama’s interview on CBS wherein he intimated that Social Security checks might not be paid, several congressional Republicans including Bachmann held a press conference where they basically said the President and his advisors are lying about what will happen if the debt ceiling isn’t raised.
“This is a misnomer that I believe that the president and the Treasury secretary have been trying to pass off on the American people,” said Bachmann. “That if Congress fails to raise the debt ceiling by $2.5 trillion, that somehow the United States will go into default and we will lose the full faith and credit of the United States. That is simply not true.”
Well, dammit, she’s right.
It’s not true. There’s plenty of revenue to cover interest on the debt. In fact, we’d have so much money left over we’d only have to cut all other spending by 65%.
Yep, just 65%. The Post has a nice little calculator that allows you to figure out what you would fund through August (though the “other spending” category is too big and should be subdivided). Once debt service, Social Security, and Medicare are paid for (which must occur to stay within the debt ceiling), that leaves $66 billion of revenue to fund $200 billion of obligations. Try it out.
Think we should fully fund the military and veterans’ benefits? That means cutting everything else by 83%.
Think we should fully fund Medicare, unemployment support, and nutrition programs for the poor? That means cutting everything else by 86%.
Limit it to military salaries, veterans’ benefits, education department grants that keep teachers educating our kids, Medicaid and nutrition grants to the states to provide health care and food to the poor, Department of Energy work safeguarding nuclear assets, the FBI, and the FAA, and there’s no money left for anything else. No food inspections, no new drilling permits, no unemployment payments. By not paying defense contractors, we cripple our military and drive countless small businesses into bankruptcy. Unemployment would spike due to the downstream effects of a complete government shutdown, and in two quarters we would officially be in a recession. A very bad recession.
Do you think, as Rep. Bachmann apparently believes, that the country would function okay with such cuts in federal government services? Well, then you’re delusional. As is Rep. Bachmann.
See, I told you to take a picture.