Republicans to cave on the debt ceiling

Rep. Ron Paul expects the usual kabuki:

Al Hunt: Do you think Congress will pass an Extension.

Ron Paul: I do. This will go up until the last minute, then they will raise the debt ceiling.

Al Hunt: Your speaker John Boehner says he will absolutely insist on a dollar of spending reduction for every dollar the debt ceiling goes up. Do you take that seriously?

Ron Paul: I don’t take that seriously. President Reagan wanted two dollars of cuts. The deficit exploded. Do you think the American people will believe that we are going to cut in the future? The only budget that counts is this year. 10-year programs are pie-in-the-sky talking. This year our obligations are five trillion dollars.

Al Hunt: The idea of a spending cap that takes place in ten years does not appeal to you?

Ron Paul: A 10-year spending cap is too little, too late. No one is going to believe it. All governments when they get this far into debt, default. They don’t default by not paying the bills. We will always pay the bills. The default comes from the devaluation of the currency.

The outcome is predictable enough. Republicans will talk a brave game, come up with some ludicrous “mechanism” that will allow them to pretend that they actually accomplished something, then business will proceed as usual. There is simply no way that the political class in the USA is going to directly address, let alone actually attempt fixing, the severe financial and economic problems facing the nation.

Voting for Republicans or Tea Partiers isn’t going to accomplish anything. I’m not saying you shouldn’t do it if it makes you feel better, just don’t expect anything substantive to come of it. At least the Romans got some music out of it. What do Americans get as their nation burns? Weiner tweets.

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