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Friday, October 23, 2020  Spokane, Washington  Est. May 19, 1883
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Matter of Opinion

Shut down the govt. — yes or no?

Campaign for Liberty says if the cuts aren't deep enough, shut down government.

House Republican leaders offer these cuts.

Nobody is following the deficit commission, though Dems tout that work on the tax side, and Republicans tout that work on the spending cuts side.

So, shut down government and don't raise the debt ceiling? Are those viable options? Well, it would balance the budget. But the economy would sure be a mess ... a "financial disaster", says Speaker Boehner.

Then again, "Most tea party Republicans, led by the example of Sen. Jim DeMint, R-SC, believe the debt ceiling should remain in place and let the world's market rectify the problem."

A mid-January poll, has a strong majority of Americans saying, don't raise the debt ceiling. Wonder if they're aware of the ramifications?

In so doing, the federal government, unable to secure loans with which to pay the accumulating debt (read: pay its bills), will default on at least part of its loans. The problem then becomes one of markets. Defaulting on loans devalues a nation's currency, damages its trade standing. In effect, defaulting on loans would cause stocks to plummet, investor nations to lose confidence and call in loans, force nations to use other currencies other than the dollar as their backup currency, and generally wreck the American economy (and perhaps the world economy as well) and trade status.

Gary Crooks
Gary Crooks joined The Spokesman-Review in 1997. He is editor of the Opinion section and a member of the Editorial Board.

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