This, and a number of other posts on the subject, including Paul Krugman’s here, should be required reading for every progressive who is concerned about the probability possibility that the Democrats might sell us out in two months in order to “protect the nation” from the Republican’s refusal to raise the debt limit. The Republicans have already announced their intention to hold the nation hostage again (example here ), so it’s important that, when we hear the White House or our Congressfolks telling us that they simply have no choice but to cave yet again, we all know and respond that there’s a fix every bit as legal, if every bit as cynical, as the hostage taking itself.
In a situation like this, it’s often useful, as bizarre as this may sound, to ask yourself WWGBD (What would George Bush do). He was a terrible president-the worst we’ve had- but he knew how to get what he wanted. The trouble was that what he wanted was generally bad for the country. But I have no doubt that had the Democrats threatened to take the country hostage by refusing to raise the debt limit, he would, in a minute, have threatened to mint the trillion dollar coin, and if they’d called his bluff, he would have done it. In his case, there would have been no anti-Fox network to assure us that it was all the end of the world, but really, who cares what Fox has to say? After the markets react with a resounding calm the issue would go away. If the Republicans really want to dig their own graves, they can try to impeach Obama, and drive his favorables into the stratosphere. In some other universe, this scenario will play itself out. But not in ours, I feel confident. Nonetheless, it’s important for everyone to know that it could.
I should also point out that had George Bush threatened to do what Obama will never threaten to do, the Democrats would not have called his bluff, because a) they never did, and b) they would have known he would do what he said. The Republicans have a) always called Obama’s bluffs, and b) discovered he never follows through. However, there’s always a first time, and this should be one of them.
EPILOGUE: It occurs to me that if they mint the coin they should put Boehner and McConnell on the obverse, and an elephant on the reverse.
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