Economist Robert Wenzel has this post exposing a typical inside-the-beltway writer’s ignorance of economics and common sense. The Hill’s Brent Budowsky seems to think that Ron Paul is a “banana Republican” for NOT wanting to raise the debt ceiling, and is joining the “quitters club,” in Dr. Paul’s deciding against running for reelection to Congress, comparing Paul to Sarah Palin who resigned as governor of Alaska in the middle of her term.
Regarding Budowsky’s claim that NOT raising the debt ceiling is “banana Republican,” Robert Wenzel writes that Budowsky
calls Ron Paul a “Banana Republican” for not wanting the debt ceiling raised, apparently not aware that a banana republic is generally considered a republic where spending is out of control and a republic finances such out of control spending by a central bank running the money printing presses, 24/7. The exact opposite of what Rep. Paul stands for.
Budowsky claims a government default would be a disaster. In this sense, he would be correct. It would be a disaster for all the lobbyists who hang around Capitol Hill. The entire edifice around Capitol Hill would collapse. Indeed, the paper Budowsky works, The Hill, would likely collapse, since it’s largely supported by special interest advertising that is always plotting to get a bigger chunk of out the government Ron Paul wants to cut down to size.
However, America already is a banana republic given that the Congressjerks have already raised the debt ceiling 72 times since 1962 in order to continue their selfish spending sprees, spending other people’s money, including future generations’ money, on all their favored government agencies, pet projects, the military contractors and other special interest groups such as Big Pharma and Big Environment and Wall Street, all of whom contribute a great deal to the Congressjerks’ political campaigns, which is really what matters.
Only 72 times? Jeepers, why the hell even HAVE a debt ceiling?!!
A country who continues to subject themselves to cancer-causing radiation scanning and sexual molestation by pervs and dirtbags is indeed a banana republic. And a people who approve of their leaders continually starting wars against foreign territories whose inhabitants were of no threat to us, while spreading its empire to every other bit of territory it can get its hands on with invasions and occupations, killing innocents and destroying property, homes and businesses that get in their way, is a banana republic.
So yes, Robert Wenzel is right about Burnt Budowsky, who really represents many of those “journalists” in Washington, who think that Ron Paul is the “banana Republican” for not wanting to raise the debt ceiling. It is the opposite of that: those who want the debt ceiling raised enthusiastically support America’s banana republic.