If you thought the Paul Ryan plan to privatize Medicare was bad – wait until you see what Republicans have up their sleeve today. Republicans in the House today will vote on THEIR plan to raise the debt-limit – which includes a balanced budget amendment that makes sure the government can’t close loopholes on rich people in the future – and can’t spend any money beyond a certain threshold – even if emergency spending is needed to fight off a recession or some other crisis.
The balanced budget amendment will require a 25% spending cut in every single government program – from Social Security – to Medicare – to Veteran’s benefits – and will return government spending to it’s lowest levels since 1966 – when the United States population stood at 100 million people fewer than it is today. No President has ever supported a spending cut and structural changes this massive – yet Republicans feel that with our nation in a Great Depression and real unemployment above 16% - that now is the perfect time to blockade government spending – just like Herbert Hoover did.
What we’re seeing unfold in the House today is the final step in Ronald Reagan’s "starve the beast" economics – and if Republicans are successful – we’re all screwed.