October 1, 2022
Ithaca, NY | 60°F


Default? What default?

It’s week two of the government shutdown and the country’s next crisis is fast approaching: the prospect of a debt default on Oct. 17. But, never fear! Our brave Republican leaders in Washington tell us it won’t be that bad.

Senator Richard Burr, a Republican of North Carolina, told the New York Times Tuesday that the government always has enough money to pay its bills, referring to the flow of tax revenue into the Treasury as a way to keep up with interest payments. His view reflects those of many of his colleagues, though business leaders, Wall Street executives and your economics professor would most likely beg to differ.

The United States has never defaulted in the past and to do so now would be to destroy the full faith and credit of our government. The already fragile economy would be disrupted and a ripple effect would be sent around the world.

It shouldn’t have to take economic armageddon to pull Republicans into line. They should all dust off their pocket Constitutions and refresh themselves on their responsibilities to the American people. Read until their eyes bleed. Sadly, though, nothing will change until Republicans are motivated by something other than fear of a primary challenge or a shortened career.

Of course it’s not that bad, Senator Burr — you’ll still have a job.