Once again, with a Democratic president in the White House, Republicans are playing a dangerous game of chicken with America’s debt ceiling. The GOP did this under President Barack Obama in 2011 as well. This article from the Brookings Institution lays out some of the possible scary consequences of a U.S. debt default, including:
–A deep recession
–A big drop in the stock market
–Higher interest rates
–Failure to pay Social Security and Medicare recipients
–Failure to pay our U.S. Treasury obligations
The pain of such a failure likely would be felt by every American family, and America’s place as the go-to safe harbor for foreign investment and the go-to currency (and thus, our influence in the world) could be jeopardized. Once again, therefore, Republicans correctly need to be blamed for this crisis of their making. But to get there, and solve the crisis, there is something that President Joe Biden and leading Democrats should be saying: