Greek Tragedy

January 2nd, 2013

Inspired by Pat Toomey to Republicans: Prepare to shut down government over the debt ceiling (Raw Story 1/02/13) and U.S. Debt Ceiling, Part Tragedy, Part Farce (WSJ.com 8/01/11).

  Toomeus Rex

 

“Our opportunity here is on the debt ceiling. The president has made it very clear: he doesn’t even want to have a discussion about it, because he knows this is where we have leverage. Republicans need to be willing to tolerate a temporary, partial government shutdown, which is what that could mean and insist that we get off the road to Greece because that’s a road that we’re on right now. We can only solve this problem by getting spending under control and restructuring the entitlement programs. This president doesn’t want to go there. We’re going to have to force it, and we’re going to have to force it over the debt ceiling.” – Sen. Pat Toomey today on Morning Joe
 
“Thebes, city of death, one long cortege, and the suffering rises, wails for mercy rise, and the wild hymn for the Healer blazes out, clashing with our sobs our cries of mourning. O golden daughter of god, send rescue, radiant as the kindness in your eyes!…If ever, once in the past, you stopped some ruin launched against our walls, you hurled the flame of pain far, far from Thebes—you gods, come now, come down once more!” — Oedipus Rex
 
“God does not tear down men’s homes, he ruins their minds and they tear them down themselves.” – Greek proverb

 

Dear Senator Toomey:

 

The way you describe it, it sounds almost appealing

Not to raise America’s debt ceiling.

 

But it wouldn’t be “government shutdown,” either partial or full:

It would be much more damaging, and cruel.

 

Many would suffer, but that’s just the start:

Not raising the debt ceiling would tear the economy apart.

 

Unlike as you suggested in your erroneous riff,

It would be much worse than if we’d gone over the cliff.

 

It would plunge us and the world into another Great Depression

Far, far worse than the 2008 Republican Recession.

 

Freezing the debt ceiling doesn’t cut spending by magic:

The result is more likely to be horribly tragic.

 

It would make the current Greek chaos a walk in the park,

And just how bad it might get is a shot in the dark.

 

T-bill interest rates could easily double,

Which would put our fisque in even more trouble.

 

That would cost $300 billion per year, or $3 trillion for ten.

How would we reduce the deficit then?

 

GDP could by over ten percentage points plummet.

You want to avoid a Greek tragedy, but instead we’d become it.

***

Here’s Pat Toomey this morning on Morning Joe (his quote is at the 2” mark).
 

Visit NBCNews.com for breaking news, world news, and news about the economy

Update: Here’s The Last Word’s 1/07/13 report on how damaging the debt ceiling could be to our economy (Ezra is subbing for Lawrence).

Visit NBCNews.com for breaking news, world news, and news about the economy

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2 Responses to “Greek Tragedy”

  1. Newsericks » Blog Archive » Greek Tragedy II Says:

    […] follow-up to Greek Tragedy, inspired by Pat Toomey to Republicans: Prepare to shut down government over the debt ceiling (Raw […]

  2. Newsericks » Blog Archive » The C Word Says:

    […] If you really want to keep us from becoming like Greece, […]

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