“Words, Words, Words !” -R.M. Renfield from Bram Stoker’s Dracula
Is it a cliff or a ceiling Washington? Make up your mind because all these metaphors are getting confusing. I guess being immersed in the culture of banks and corporations has affected our government to the point where the language is indistinguishable. This debt ceiling is perfect language to induce more fear into the populace so they will tolerate yet more austerity. This ceiling will never be hit but the illusion of it creates a crisis and just as in every ‘crisis’ the banks and corporations will profit. Based upon today’s article released by the The Associated Press here are a few of the items on the table to avert the debt ceiling.
1. Social Security Cuts (Social Security is currently fully funded and adds nothing to the debt).
2. Cut backs in programs for the poor.
3. Cut backs in programs for veterans.
4. Selling government student loans to private bankers, furthering the SLAB (Student Loan Asset Backed security) bubble that will surely pop just as the housing bubble (Mortgage Backed Security Assets) did.
What appears once again to be off the table are costs, budgets, and debt associated with the Military, Police, and Prison Industrial complex. This complex is by far the largest portion of debt that we face. Yet it continues unabated even though:
1. The United States has less than 5% of the worlds population but more than 25% of the worlds prisoners. We have more people in jail than any other country, not per capita, but in total numbers!
2. The United States spends over 500% more on its military than China which has the second largest military. So we have a military more than 5 times the size of any other on the planet. Yet we refuse to cut into that budget even marginally.
This debt ceiling is being used by banks, corporations, and government to further inequality. The debt ceiling is yet another poor excuse for inflicting austerity on the public, on the majority, while the elite increase their profits, power, and financialization of the world thru debt.