The Truth About the Debt Ceiling Deal
Once again, nobody wants to state the obvious fact. Listen, I've become a fan of Joe Biden, who I think has handled the Presidency better than anyone thought he would, but it is a mistake to think that the resolution of the debt ceiling crisis was in any way a master act of negotiation on his part. Here is what I am confident really happened:
The Republicans would have loved to cut a huge chunk of red meat out of our economy and throw it to their stupid, ignorant, hate filled base, to keep them in line for the 2024 election, and that is exactly what Kevin McCarthy had set out to do. But then, the Republican party's real masters, their rich financial backers, stepped in. These people have had it pretty good under Biden- their profits rising as the millions of new workers created by his economy spend money on their products, and as they have been left unmolested to mine hundreds of billions in undeserved profits through price gouging passed off as inflation. And don't forget the Trump tax cuts for the rich, the real primary cause of current budget deficit growth, which placed trillions in their pockets, but remain out of bounds even for public discussion. They've got it pretty damned good, and they decided that they were not about to trade all that in on a world-wide depression, even if it did put Trump back in the White House. So, a well-placed word in Kevin McCarthy's ear and he collapsed, having been informed that, otherwise, he would be crushed like a weasel under a freight train.
That's it- the true reason for this deal suddenly emerging. These billionaires let McCarthy milk his posturing for all it was worth, but then at the last second, like one of those scenes where a guy defuses a bomb in an old Star Trek episode, it all got resolved, protecting the rich guys from the possibility of a pause in their rapacious rampage. End of story.