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I still can't believe people say the Republican Party is either fiscally prudent or fiscally conservative.

It's long past time to shatter the myth that the Republican Party is the party of sober and conservative economic policy.  From dragging us into unnecessary expensive wars with trillion-dollar price-tags to shoving free money at profitable oil companies, prescription drug companies and health insurance companies, they have been willing to spend considerable sums of public taxpayer money if it benefitted large corporations.  They cry foul when it comes to spending money on middle-class and poor people, like with food stamps, but wealthy people who already have lots of money are clearly worth spending money on.

 The most recent example, though, isn't about direct spending.  It's about debt service.  The rule of thumb is that you want to keep your borrowing rates as low as possible.  If somebody told you, "Well, I have a 2% mortgage, but I thought I'd move to their 3% plan instead," you'd think they were crazy.  The discussion over the debt ceiling is just such a discussion.

 Every time the Republicans talk about not raising the debt ceiling, they risk the credit rating of the United States of America.  Currently, US salable debt is averaging slightly over a 2% rate of return, a hair under 2.05%.  As of November 2012, we have nearly $16.4 trillion in debt, though just under $11.6 trillion is publicly held.  The service on that debt, just this month, is around $19.73 billion.  This is not chump change.  We are projected to pay $223 billion in interest on our debt this year.  Those debt service payments, redirected, would wipe out a fifth of all college debt in the US, or erase nearly a quarter of all credit card debt.

Every time the Republican Party threatens to hold the US government hostage by forcing a debt ceiling debate, they risk making the country look like less of a good investment.  The last time they did this, it didn't happen--we got lucky because no other currency has the same cachet of reliability that the US dollar has.  This will not stay the case if the GOP keeps doing this.  A rise of a mere quarter of a percentage point in the rate the government pays to service debt means the taxpayers will pay nearly $27 billion more annually.  That $27 billion could pay for 675,000 iPads in public schools, enough to give nearly half of all elementary school classrooms access to one of the most coveted teaching tools on the market.  It's not like the GOP would be in favor of putting an iPad in every classroom anyways, but when you risk your credit rating you spend enough extra money on just keeping up with the debt that can't do something else that would be really cool with that money.

 The Republican Party keeps saying people should be held accountable for their individual poor choices.  Clearly they need to be held to their own standard.

Originally posted to Teddywolf on Sat Dec 08, 2012 at 11:06 PM PST.

Also republished by Community Spotlight.

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Comment Preferences

  •  Some day, hopefully (6+ / 0-)

    Those who have yet to figure it out will finally realize that Republicans are nothing but FRAUDS.

    The sooner the better.

    Somebody has to do something, and it's just incredibly pathetic that it has to be us.
    ~ Jerry Garcia

    by DeadHead on Sat Dec 08, 2012 at 11:56:54 PM PST

  •  The Republicans are nothing they say they are. (17+ / 0-)

    Fiscally prudent?  I suppose with their record they can only hope someone will eventually believe them if they say it often enough.  They claim to be patriots too but they're only interested in the rotten agenda of their party even to the detriment of the country. Free-market capitalists? Not exactly.  The system they push is something like an extreme version of pre-Progressive Era laissez-faire capitalism backed up with a militarized police force.  Savvy entrepreneurs?  No. Personal responsibility?  No.  Christian?  No.  

    Think about the effort they make to claim these identities,  They're like disguises that they use to hide who and what they really are.

    "Those who deny freedom to others, deserve it not for themselves." - Abraham Lincoln

    by leftreborn on Sat Dec 08, 2012 at 11:59:53 PM PST

    •  You nailed it. (7+ / 0-)

      The GOP's hypocrisy is ... I'm trying to think of a word big enough to encompass the hypocrisy.

      Legion?  Legendary?  Bigger than their egos?  Monumental?  Epic? Galactic in scope?  Seventy-seven times larger than they think their penises are?

      Honestly, I just can't come up with the appropriate term.

      But the GOP's hypocrisy could encompass millions of smaller hypocrites by an order of magnitude.

      To make the argument that the media has a left- or right-wing, or a liberal or a conservative bias, is like asking if the problem with Al-Qaeda is do they use too much oil in their hummus. Al Franken

      by Youffraita on Sun Dec 09, 2012 at 01:21:20 AM PST

      [ Parent ]

      •  I think it is beyond (5+ / 0-)

        hypocrisy at this point.  The GOP is and has long been involved in a gigantic "reality distortion" project, with both the wherewithall and the media and networking infrastructure to make it possible to definthe minds a large enough subset of the body politic (including the MSM) to operate AS IF it is reality.

        Face it, any movement that can take a B actor and redefine him as "The Great Communicator" is operating at a level that leaves "hypocrisy" buried in six layers of dust.

        Words can sometimes, in moments of grace, attain the quality of deeds. --Elie Wiesel

        by a gilas girl on Sun Dec 09, 2012 at 05:15:16 AM PST

        [ Parent ]

        •  the word is "bullshit" (3+ / 0-)
          Recommended by:
          OldDragon, jomsc, wasatch

          as in Jon Stewart's redefinition of Fox News as Bullshit Mountain.
          Republicans are absolutely chock full of bullshit. We used to think all politicians were full of bullshit, but the bullshit carrying capacity of any republican from Rick Perry to Chris Christie is best measured in solar masses.
          They have been shoveling mountains of bullshit at the American people for decades, and far too many of our fellow citizens have made the conscious decision to snuggle up with all that bullshit.
          It will end fairly soon though. Hurricane Sandy wasn't about to bow to bullshit, and neither is climate change. Every day a few more Americans are stepping into the showers and ridding themselves of the stink of bullshit.

          Stand for something, or you'll fall for anything - Malcolm X via Skindred

          by kamarvt on Sun Dec 09, 2012 at 11:58:53 AM PST

          [ Parent ]

  •  If they actually do believe in (6+ / 0-)

    an afterlife, I expect these clowns will have one heck of a life review!  I'd love to be a fly on that wall.

    If they believe fundy Christianist dogma, they had better be ready to gnash teeth and wail.

  •  Medicare Part D (4+ / 0-)

    Why isn't fixing this ever on the table?  Everyone knows it's a huge payout to Big Pharma, thanks to Billy Tauzin who took a $2 million per year job with the pharmaceutical lobby right after leaving Congress,  but I've not heard a peep about revisiting it during any of the budget talks.

    •  Medicare Part D (3+ / 0-)
      Recommended by:
      Swoof, Calamity Jean, This old man

      Here's the thing: most people don't know that it's a huge payout to Big Pharma.  It's gone absent in the news, the GOP never brings it up because they like it, and the Democrats seldom bring it up because maintaining those giveaways was the price of Big Pharma's buy-in to the Affordable Care Act.

      One post I read (I'd like but I forget where I saw it, I admit) suggested that instead of Medicare for all, we look at Medicaid for all instead because Medicaid still has the power to negotiate rates with drug companies.

  •  GOPers imply what to pay as little tax as possible (1+ / 0-)
    Recommended by:

    Which doesn't make one more responsible, since they want to gut everything and screw the environment in the process. They're simply cheap and greedy, wanting everything for them without paying their fair share.

  •  The only thing Republicans have ever done (9+ / 0-)

    about "spending" and "deficits" and "debt," and "fiscal responsibility," is complain about them during Democratic presidencies.  

    •  . (4+ / 0-)

      you forgot about jobs in the broader economy, they went off during the election campaign this year about jobs ....  in all my life, and I am getting up there in years, I have never witnessed a flourishing broader economy under a republican administration ... except for jobs in the war machine whether at war and building machines for war.

      "History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling the money and its issuance." -James Madison

      by FreeTradeIsYourEpitaph on Sun Dec 09, 2012 at 02:41:39 PM PST

      [ Parent ]

  •  Republicans don't have a plan. (4+ / 0-)
    Recommended by:
    jomsc, teddywolf, Calamity Jean, wasatch

    Hell, they're screwing up at caving in.  At this point, about the best thing that could happen to them would happen by accident: if the discharge petition succeeds and passes the house, Democrats will have decoupled tax reform from sequestration and the debt ceiling.

  •  but they never will be, (3+ / 0-)
    Recommended by:
    teddywolf, This old man, wasatch
    Clearly they need to be held to their own standard.
    because the village idiots want to continue getting invited to all those lovely cocktail parties, that have just the best shrimp. so, as far as the MSM is concerned, both parties are exactly the same, except when they aren't. the rightwing propaganda machine has diligently played the "republicans are fiscal conservatives" line for 40 years, in spite of all observable evidence to the contrary.

    ronald reagan, patron saint of republican fiscal conservatism, never balanced a budget, once, in his 8 years in office. he left office, having doubled the national debt. yet, he's still hailed as a "fiscal conservative". same with every other spendthrift republican, vs those "tax & spend" democrats who, oddly enough, boast the only president, in the past 50 years, to run surpluses, that bush II then blew out of the water.

    but you'd never know that, listening to cokie roberts.

  •  By the numbers (3+ / 0-)
    Recommended by:
    This old man, wasatch, teddywolf

    In Democratic administrations before 2008 on average there is more GDP growth, more jobs created and far less national debt incurred. Those are backed up by the numbers.

    That starting with Ronald Reagan there has not been one Republican Administration that has made any credible attempt to balance the budget

    Since Ronald Reagan every year has seen budget deficits in Republican Administrations. The budget deficits are put on the tab for our grandchildren to pay.

    These Republican Administrations did not borrow money from our grandchildren to repair or build new infrastructure. In a long series of tax cuts for the wealthy they borrowed money from our grandchildren so that men like Mitt Romney could pay 9% in income taxes on 20 million dollars while a minimum wage earner pays a greater percentage of his money to the government with various taxes and fees.

    The Conservative argument is that if the so called “Job Creators” did not have to pay taxes they would create millions of new jobs. This did not happen. 2008 happened

    Join the War on Thinking. Watch Fox News- John Lucas

    by Jlukes on Sun Dec 09, 2012 at 11:33:22 PM PST

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