America needs a powerful new, outside-the-box economic strategy – or we will descend into long-term economic stagnation and ever greater big government control over the daily affairs of citizens.
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How to Play ‘Debt-Ceiling Chicken’ – WSJ
Republicans will be emboldened to push past deadline, but history shows politics are against them
The Wall Street Journal, Feb. 1, 2023 – Excerpts:
The fight over the debt ceiling is usually described as a game of chicken. In the current version, congressional Republicans and the Biden administration each want the other to blink first and avoid a convulsive default on federal government debt.
Actually, it is two separate games of chicken with very different dynamics. The first runs until the “X-date,” when debt hits the $31.4 trillion limit, and the Treasury Department has no more room to borrow and thus pay all the government’s bills. In this game, Republicans have the upper hand. The second game begins after the X-date, and then the advantage switches decisively to the White House.
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Mr. Biden is adopting much the same stance then-President Barack Obama did in 2011, when the U.S. came close to, but didn’t pass, the X-date. The Biden administration says raising the debt ceiling simply allows Treasury to pay obligations Congress has already agreed to, and should be done without conditions. Biden officials say they cannot “prioritize” debt payments—use incoming revenue to pay interest on the national debt, thereby avoiding a debt default, while defaulting on other obligations, from Social Security and Medicare payments to military salaries and supplies.
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In this game of chicken, Mr. Biden and Republicans will try to pin the blame on each other. History is solidly on Mr. Biden’s side. In the government shutdowns of 1995-96, 2013 and 2019, and the debt ceiling impasse of 2011, polls showed the public always blamed Republicans more than Democrats. This has had real-world repercussions: it helped re-elect President Bill Clinton in 1996 and cost the GOP the Virginia governor’s race in 2013.
Former and current Republican officials I spoke to for this column all said their party will lose this political game of chicken, like they lost the others. “The media and Biden will do a better job of blaming us.…
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Republicans will lose this game of chicken… and America will be all the worse for it.
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