Paul Krugman: 'If Republicans take one or both houses of Congress... What will the Biden administration do when the GOP threatens to blow up the world economy by refusing to raise the debt limit?'
In particular, will Democrats be prepared to take the extraordinary actions the situation will demand, doing whatever it takes to avoid being blackmailed?
Notice also that I said “blow up the world economy,” not merely hamstring the U.S. government. For the consequences of forcing a federal debt default, which is what refusing to raise the limit would do, would extend far beyond the operations of the federal government itself. And no, “We should eliminate wasteful spending” isn’t an honest answer. The federal government is basically a giant insurance company with an army: Spending is dominated by Social Security, Medicare, Medicaid and the military, and voters want to maintain all of these programs. There’s surely waste in the government, as there is in any large organization, but even if we could somehow make that waste disappear, it wouldn’t do much to reduce the deficit.
And that’s a best-case scenario. As I said, the GOP is far more radical now than it was more than a decade ago, and it might well be less interested in achieving policy goals than in blowing up the world economy on a Democratic president’s watch.
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