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Link | YouTube |
Published | 2021/09/29 |
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Beau says:
Raising the debt ceiling is vital to avoid catastrophic economic impacts, and political drama surrounds the issue despite its historical inevitability.
Policy advocates and concerned citizens.
The full transcript provides detailed insights into the political dynamics surrounding the debt ceiling debate and the potential consequences of not raising it, offering a nuanced understanding of the situation.
#DebtCeiling #PoliticalDrama #EconomicImpact #RepublicanParty #DemocraticParty
Well, howdy there, Internet people. It's Beau again. So today we are going to talk
about the debt ceiling and we're going to discuss whether or not this is really
a both sides issue that needs to be covered. And we're going to talk about the
impacts if the debt ceiling isn't raised and whether or not the Democrats should
really take the Republican stance of, oh, we're not going to raise it seriously.
This isn't a both sides issue. The reality is without a massive restructuring of
what the way the federal government works in the next, I don't know, three
weeks, the debt ceiling will be raised or the U.S. will default. It's going to
happen. The debt ceiling is going to be raised. All of this drama, it's over
nothing. Republicans know they'll raise it. They don't have a choice because if
they don't raise it, what is going to occur? Home and auto loans. They'll shoot
through the roof. Fifteen trillion in wealth will be wiped out almost
immediately. Six million people will lose their jobs. So the unemployment rate is
going to increase by almost a hundred percent. The government will have to
start deciding whether to honor Social Security benefits or pay bondholders.
The impacts of not raising the debt ceiling are immense. And this is all
assuming that the rest of the world still chooses to use the U.S. dollar as a
reserve currency. If they don't, well, all of this gets even more pronounced. This
isn't a both sides issue. It will occur the same way it has occurred the last
70 times more than. So this drama that's coming from the Republican Party, what
is it? In essence, this is Republicans saying, hey, if you don't do what I want
you to, well, I'm going to kick the family dog. The thing is, the family dog in this
case is the Republican base. And it's a Rottweiler. It's going to bite them. When
you look at the impacts, it is going to heavily impact the Republican base more
so than anybody else. Maybe it's time for the Democratic Party to call their bluff.
Maybe that would be the right move. I do not believe that the Republican Party is
going to buck their base and their donors and cripple the U.S. economy to
stop infrastructure from going through. That seems pretty unlikely. And if they
do, maybe it's time for the United States to fall out of the world's leading
position when it comes to stuff like this. Because if the American people are
too ignorant to realize the impacts of this and continue to vote for Republican
candidates who are willing to make this play, we probably shouldn't be leading
the world. This little drama, it plays out every so often. The debt ceiling
always gets raised because they don't have a choice unless they want to
drastically restructure the federal government and drastically increase
taxes on the wealthy. That doesn't sound like a Republican talking point. It's
going to occur. I have to believe it's a bluff. And let's be honest, if we don't
get an infrastructure package, the United States economy is going to lag
further and further behind anyway. So falling out of that position, I mean it's
just kind of hastening the inevitable. This is a case where you have the media
and politicians giving credence to an idea that realistically we know it's not
going to happen. Sure, maybe they allow a government shutdown. Sure, they may allow
some drama to be felt in an attempt to gain leverage. But the idea that
they will allow a default, that's pretty slim. Not only that, they as individuals
will be heavily impacted by it. Now I have no faith in the Republican Party's desire
to help their base or to help America in general, but I do have faith in their
constant motivation of self-preservation. And that $15 trillion in wealth that gets
wiped out, a lot of it is theirs. I don't buy that they will allow a default. I
don't think it's true. It's a negotiation tactic and it's a bad one. It's the kind
that somebody in a domestic situation would use. Look at what you made me do.
Anyway, it's just a thought. Y'all have a good day.
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