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April 9, 2014

Jonathan Tobin: Why Did Kerry Lie About Israeli Blame?

Samuel G. Freedman: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau

Jessica Ivins: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau

Kim Giles: Asking for help is not weakness

Kathy Kristof and Barbara Hoch Marcus: 7 Great Growth Israeli Stocks

Matthew Mientka: How Beans, Peas, And Chickpeas Cleanse Bad Cholesterol and Lowers Risk of Heart Disease

Sabrina Bachai: 5 At-Home Treatments For Headaches

The Kosher Gourmet by Daniel Neman Have yourself a matzo ball: The secrets bubby never told you and recipes she could have never imagined

April 8, 2014

Lori Nawyn: At Your Wit's End and Back: Finding Peace

Susan B. Garland and Rachel L. Sheedy: Strategies Married Couples Can Use to Boost Benefits

David Muhlbaum: Smart Tax Deductions Non-Itemizers Can Claim

Jill Weisenberger, M.S., R.D.N., C.D.E : Before You Lose Your Mental Edge

Dana Dovey: Coffee Drinkers Rejoice! Your Cup Of Joe Can Prevent Death From Liver Disease

Chris Weller: Electric 'Thinking Cap' Puts Your Brain Power Into High Gear

The Kosher Gourmet by Marlene Parrish A gift of hazelnuts keeps giving --- for a variety of nutty recipes: Entree, side, soup, dessert

April 4, 2014

Rabbi David Gutterman: The Word for Nothing Means Everything

Charles Krauthammer: Kerry's folly, Chapter 3

Amy Peterson: A life of love: How to build lasting relationships with your children

John Ericson: Older Women: Save Your Heart, Prevent Stroke Don't Drink Diet

John Ericson: Why 50 million Americans will still have spring allergies after taking meds

Cameron Huddleston: Best and Worst Buys of April 2014

Stacy Rapacon: Great Mutual Funds for Young Investors

Sarah Boesveld: Teacher keeps promise to mail thousands of former students letters written by their past selves

The Kosher Gourmet by Sharon Thompson Anyone can make a salad, you say. But can they make a great salad? (SECRETS, TESTED TECHNIQUES + 4 RECIPES, INCLUDING DRESSINGS)

April 2, 2014

Paul Greenberg: Death and joy in the spring

Dan Barry: Should South Carolina Jews be forced to maintain this chimney built by Germans serving the Nazis?

Mayra Bitsko: Save me! An alien took over my child's personality

Frank Clayton: Get happy: 20 scientifically proven happiness activities

Susan Scutti: It's Genetic! Obesity and the 'Carb Breakdown' Gene

Lecia Bushak: Why Hand Sanitizer May Actually Harm Your Health

Stacy Rapacon: Great Funds You Can Own for $500 or Less

Cameron Huddleston: 7 Ways to Save on Home Decor

The Kosher Gourmet by Steve Petusevsky Exploring ingredients as edible-stuffed containers (TWO RECIPES + TIPS & TECHINQUES)

Jewish World Review May 20, 2011 16 Iyar, 5771

Default deniers say it's all a hoax

By Dana Milbank




http://www.JewishWorldReview.com | Treasury Secretary Tim Geithner says that it’s the real deal: that if Congress doesn’t agree to an increase in the debt limit by Aug. 2, the United States will be forced to default on its debt, potentially spreading panic and collapse across the globe. During debt-ceiling showdowns in the past, President George W. Bush’s treasury secretaries and President Ronald Reagan himself issued similar default warnings.

But what do you expect of a government that faked the moon landing, falsified Osama bin Laden’s death and put fluoride in the drinking water to control your mind?

Insidious though fluoride may be, the default hoax is potentially worse. If the two sides in Washington can’t agree on basic facts, how can they possibly reach agreement to resolve the nation’s crushing debt?

The leading purveyor of this new school of economic thought, dubbed the “default deniers” by their opponents, is freshman Sen. Pat Toomey (R-Pa.), who presented his case before the American Enterprise Institute on Wednesday. His theory: The government won’t really go in to default on Aug. 2, and, even if it did, things wouldn’t necessarily be so bad.

“The bottom line is there is no danger of a shortage of cash to pay the interest on our debt and to avoid a default,” Toomey announced, as long as the Treasury continues to roll over existing debt. Toomey argued that it is “irresponsible for the administration to even implicitly threaten the possibility of a default.” The Obama administration, he said, should “send a clear and unambiguous message to the market that under no circumstances will this administration choose to default on our debt.”

Obama administration officials don’t regard this as a matter of choice. Neither did past presidents. In fact, Bush’s first treasury secretary, Paul O’Neill, likened those who opposed raising the debt limit to “terrorists.” But Toomey, whose Tea Party backing helped him to vanquish Arlen Specter and then Joe Sestak, says it is “absolutely false” to claim that failing to raise the debt limit by the deadline would “equate to a default on our debt at all.” He argued that, even without the ability to borrow more, the government can easily stay current on its debt payments using the $2.2 trillion it expects in tax revenues.

There’s only one problem: Without borrowing, we’d have to cut Obama’s budget for 2012 by $1.5 trillion. That means even if we shut down the military and stopped writing Social Security checks, the government would still come up about $200 billion short.

Andy Sullivan of Reuters asked Toomey if he worried it “would push the country back into recession if, for example, we have to suspend Social Security payments.”

Toomey wasn’t worried. “I don’t think it’s going to have an adverse impact on the economy in the days, weeks or perhaps even months that this would continue,” he said, allowing that “this is not an optimal arrangement indefinitely.”

It may, however, be an optimal arrangement for Toomey and fellow conservatives who hope to force the Obama administration to make massive spending cuts in exchange for Republicans’ permission to raise the debt ceiling. If the notion of default is a hoax, then the administration (which has dropped its irresponsible resistence to cuts) has no leverage to force Republicans to accept even a small tax increase along with the spending cuts.

I asked Toomey if he could accept a deal that included $1 in tax increases for every $9 in spending cuts.

“The problem is spending,” he replied.

“Is that a line in the sand?”

“Yeah.”

“Not one dollar” of tax increases?

“I’m not interested in raising taxes.”

Toomey called the audience’s attention to a Wall Street Journal interview with Stanley Druckenmiller, in which the hedge fund manager argued that the markets could tolerate a “technical default” of U.S. government’obligations. “He has said that he would actually accept even a delay in interest payments on the Treasurys that he holds and would prefer that if it meant the Congress would right the ship,” Toomey argued.

Preferring default on the national debt? Let’s hope that’s a hoax.

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Previously:



05/18/11: Gingrich gives voice to moderation
05/17/11: Donald Trump and the House of Horrors
05/16/11: The medical mystery of Mitt Romney
05/12/11: The body impolitic: Schock photos should tempt lawmakers to cover up
05/10/11: Muskets in hand, tea party blasts House Republicans
05/09/11: The GOP debate: America -- and the party -- needs the grown-ups
05/05/11: Mitch Daniels, an alternative to scary
05/03/11: Obama's victory lap
05/02/11: How the journalist prom got out of control
04/28/11: Obama's birther day: Why did he lower himself by appearing in the briefing room?
04/27/11: Obama, lost in thought
04/24/11: Andrew Breitbart and the rifts on the right
04/22/11: Ten Commandments for 2012
04/21/11: Obama likes Facebook. Facebook likes Obama.
04/18/11: Without Nancy Pelosi, Obama is adrift
04/15/11: If progressives ran the world
04/14/11: Faith in political apostasy
04/13/11: One man's revolution is another's political expediency
04/11/11: Shutdown theatrics
04/06/11: Paul Ryan's irresponsible budget
04/05/11: Robots in Congress? Yes, we replicant!
04/04/11: Robert Gibbs, Facebook and the White House corporate placement service
04/01/11: Haley Barbour, the fat cats' candidate
03/31/11: Republican freshmen in House shut down compromise, and possibly the government
03/30/11: Coburn and Durbin, the dynamic duo of the debt crisis
03/28/11: The Obama doctrine: A gray area the size of Libya
03/24/11: Dems as Weiners
03/23/11: Obama's quick trip from tyrant to weakling
03/17/11: Who's afraid of Elizabeth Warren?
03/15/11: The underwear flap over Bradley Manning
03/10/11: In Senate's debt debate, talk isn't cheap
03/09/11: With Obama's new Gitmo policy, Administration officials had some 'splainin to do
03/02/11: Issa press aide scandal is like bad reality TV
02/25/11: Jay Carney: Mouthpiece for an inscrutable White House
02/14/11: The Donald trumps the pols at CPAC
02/09/11: Arianna Huffington's ideological transformation


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