The class politics of the US debt ceiling crisis

[blindpig]

The class politics of the US debt ceiling crisis

Official Washington and American media attention will be focused for the next two weeks on the August 2 deadline for raising the federal debt ceiling. Without congressional action to increase the debt limit by that date, according to the Treasury Department, the US government will be unable to borrow money to cover payments, including Social Security checks being sent out to 50 million recipients on August 3, and interest payments on US government bonds due later in the month.

In order to understand the significance of the debt ceiling crisis, and the measures being proposed to resolve it, it is necessary to cut through the lies and distortions of the Democratic and Republican politicians in Washington, reinforced by the commentaries in the corporate-controlled media, both liberal and conservative.

Why is the demand for “deficit reduction” now being voiced so unanimously in every quarter of official American politics? What are the fundamental class issues that underlie this campaign?

The American ruling elite is engaged in the greatest robbery of working people in US history. In the bank bailout of 2008-2009, the financial aristocracy effectively transferred to the federal government its bad debts and losses from a decade of reckless speculation. Now the working class is being compelled to pay the price for Wall Street’s looting of the Treasury through the destruction of Social Security, Medicare, Medicaid and other social programs in education, the environment, transportation and housing.

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http://www.wsws.org/articles/2011/jul2011/pers-j19.shtml

[blindpig]

1. kick

[BeFree]

2. recced back to +4

The biggest source of easy money is the money flowing into SS from every paycheck.
That is why bush wanted to go private with the SS money, just before the crash of 2008.

[blindpig]

3. They are incapable of leaving it alone.

A capitalist can no more resist potential profit than a zombie can resist some nice juicy brains.

[Faryn Balyncd]

4. K and R