Letter: Default on debt cannot be allowed
Friday, May 27, 2011
Right-wing neoconservative Republicans representing megacorporations and the super-wealthy appear to be “playing for keeps,” holding Congress hostage to their demands by threatening to not lift the current debt ceiling unless additional tax cuts to the super-wealthy, along with massive cuts to social “safety net” programs, are forthcoming — especially, cutting or privatizing Social Security and Medicare/Medicaid. Not lifting the debt ceiling would have the crippling effect of forcing the U.S. government into massive default on its debt obligations, precipitating a worldwide economic catastrophe.
Was this the primary objective of the “Reagan revolution” all along — to gain control of the U.S. government while selling off our “commons,” through a manufactured debt crisis? “But that’s the behavior of a fascist dictatorship and we’re a democracy,” you might protest. Welcome to the brave new world of corporate fascism.
The past 30 years of the “Reagan revolution” have brought us a debt crisis of truly staggering proportions, with the very real possibility of a massive privatizing sell-off of the “commons” to satisfy creditors, and financial ruin and grinding poverty for the rest of us should the U.S. government default on the debt. Folks, is this what we really want for America’s future?
Michael T. Carver