The Kosher Gourmet by Megan Gordon With its colorful cache of purples and oranges and reds, COLLARD GREEN SLAW is a marvelous mood booster --- not to mention just downright delish
April 18, 2014
Rabbi Yonason Goldson: Clarifying one of the greatest philosophical conundrums in theology
The Kosher Gourmet by Julie Rothman Almondy, flourless torta del re (Italian king's cake), has royal roots, is simple to make, . . . but devour it because it's simply delicious
: Trying hard to be 'positive' but never succeeding? Blame Your Brain
April 14, 2014
Rabbi Dr Naftali Brawer: Passover frees us from the tyranny of time
: First degree: How America really recovered from a murder epidemic
: When love is not enough: Teaching your kids about the realities of adult relationships
: How you can tell if your financial adviser is setting you up for potential ruin
: Up to 500,000 people die each year from hepatitis C-related liver disease. New Treatment Has Over 90% Success Rate
: Eating Watermelon Can Help Control High Blood Pressure
April 11, 2014
Rabbi Hillel Goldberg: Silence is much more than golden
: How to value a child for who he is, not just what he does
: A Simple Blood Test Might Soon Diagnose Cancer
: Have A Slow Metabolism? Let Science Speed It Up For You
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
: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau
: How Beans, Peas, And Chickpeas Cleanse Bad Cholesterol and Lowers Risk of Heart Disease
April 8, 2014
Coffee Drinkers Rejoice! Your Cup Of Joe Can Prevent Death From Liver Disease
Electric 'Thinking Cap' Puts Your Brain Power Into High Gear
April 4, 2014
A life of love: How to build lasting relationships with your children
Older Women: Save Your Heart, Prevent Stroke Don't Drink Diet
Why 50 million Americans will still have spring allergies after taking meds
Teacher keeps promise to mail thousands of former students letters written by their past selves
April 2, 2014
Should South Carolina Jews be forced to maintain this chimney built by Germans serving the Nazis?
Get happy: 20 scientifically proven happiness activities
It's Genetic! Obesity and the 'Carb Breakdown' Gene
Jewish World Review
May 20, 2011
16 Iyar, 5771
Default deniers say it's all a hoax
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?”
“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.
Every weekday JewishWorldReview.com publishes what many in Washington and in the media consider "must reading." Sign up for the daily JWR update. It's free. Just click here.
Comment on Dana Milbank's column by clicking here.
• 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
© 2011, Washington Post Writers Group