MICHAEL GIBSON: Congress doesn’t care

To the editor,

Default by the United States in its debt obligations will soon lead to the closure of banks across the country. (Yes, banks are insured by the government) Banks hold a lot of government obligations as collateral. Some, perhaps most banks will still be strong, but no one will know which banks are OK. So, they will close. Depositors will lose their money. Social security and Medicare will stop. Retirement savings will be lost or worthless.

Don’t worry though. Not everything will go away. You will still owe on your mortgage. You just will not have any way to pay it. Many people who lost their homes in the Great Depression had more money in the bank when it closed than they owed on their homes. The debt was sold, cheap, to speculators. Their deposits were lost. Paid off homes were lost to the government for laughably small property tax defaults.

The idea our country has to go through this again because Republicans in Congress will not agree to do their jobs is beyond criminal, it is evil.

If they want to defund Obamacare, then they need to pass laws to do that, get the Senate to agree, and get the president to sign it.

Call or write Congress today. Tell them to raise the debt ceiling. It is just a mechanism to allow the government to borrow money without having Congress vote on every single bond that is issued. If Congress wants to balance the budget, they need to do so. Congress does spend the money. Obama writes the checks for them, and keeps track of the bank account.

Not paying for things Congress has approved is like not paying the credit card bill for that vacation last month because you overspent.

That is not responsible. It is stupid.

But … Congress does not care, because the members are not at risk.

We are.

Michael Gibson

 

Leave a Reply