http://townhall.com/columnists/patbuchanan/2011/07/05/is_a_us_default_inevitable
Is the USA default inevitable ???
Administrations of both parties contributed to this rise in the federal share of gross domestic product. But the GOP committed itself in 2010 to rein it in, without raising taxes. On that pledge the GOP triumphed and should keep its commitment.
First, because it is a solemn undertaking with a nation disgusted with politicians who say one thing and do another. Second, because our fiscal crisis, like Europe's, is a result of too much government, not too little revenue. Third, because there is no credible school of economic thought that says raising taxes on the productive sector when one in six workers is unemployed or underemployed is the way to prosperity.
Under Obama these past two years, the nation relied on the U.S. government to pull us out of the ditch. But Obama's $787 billion stimulus, his three deficits of 10 percent of GDP, and Ben Bernanke's tripling of Fed assets by buying the bad paper of big banks and $600 billion in U.S. debt all failed.
For Republicans to agree now to a tax increases that would violate their principles, their promises to the voters and their basic philosophy -- and be icing on the cake of Obama's debt-ceiling increase -- would be politically suicidal.
Indeed, were the Republican Party to do this, it would raise the question of why we need a Republican Party.
Is the USA default inevitable ???
Administrations of both parties contributed to this rise in the federal share of gross domestic product. But the GOP committed itself in 2010 to rein it in, without raising taxes. On that pledge the GOP triumphed and should keep its commitment.
First, because it is a solemn undertaking with a nation disgusted with politicians who say one thing and do another. Second, because our fiscal crisis, like Europe's, is a result of too much government, not too little revenue. Third, because there is no credible school of economic thought that says raising taxes on the productive sector when one in six workers is unemployed or underemployed is the way to prosperity.
Under Obama these past two years, the nation relied on the U.S. government to pull us out of the ditch. But Obama's $787 billion stimulus, his three deficits of 10 percent of GDP, and Ben Bernanke's tripling of Fed assets by buying the bad paper of big banks and $600 billion in U.S. debt all failed.
For Republicans to agree now to a tax increases that would violate their principles, their promises to the voters and their basic philosophy -- and be icing on the cake of Obama's debt-ceiling increase -- would be politically suicidal.
Indeed, were the Republican Party to do this, it would raise the question of why we need a Republican Party.
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