CNN reports, “The Senate passed a bill late Thursday evening to suspend the nation’s debt limit through January 1, 2025, averting a first-ever U.S. default just days ahead of the deadline.” Biden did! I, like many, constantly underestimate Biden, and each time I end up ruing my doubts. I was sure that enough kooky RepubliKKKlans were hell-bent on flirting with a default that they just might trip into one, but alas, I was wrong, and I’m not afraid to admit it. Some sanity still reigns in D.C., apparently. As it turns out, the market was right all along; it never really reacted to the approaching deadline despite the vicissitudes of the negotiations. Never doubt the market. It is always efficient.
Now that the bill has finally passed through Congress, I can say, without jinxing anything, that Biden completely destroyed RepubliKKKlans during negotiations. I understand that both progressive and conservative sides are very unhappy with the debt ceiling deal, but let’s be clear about something: RepubliKKKlans lost a lot more than Democrats. There is no other way to spin it. Total spending is held flat at 2022 levels, and holding to that benchmark is only for a couple of years. That’s not much of a give. Student loan repayments must restart and cannot be deferred again. That was already going to happen later this year regardless of the deal, so that was an easy win for Democrats. Medicare and Social Security were untouched. The agreement covers raising the debt limit through the next presidential election. Mind you, the debt ceiling was actually suspended. In other words, there is no cap on it, which is even better.
If there is one aspect of the bill that the RepubiKKKlans can call a win, then it is the work requirements for SNAP and welfare benefits, which are not that onerous. It basically extended the working age requirement by a few years. And, honestly, do you know who collects the most SNAP and welfare benefits by a percentage of the population and in absolute numbers? Whitey folk. Ostensibly, these new restrictions on welfare benefits are supposed to address those (black) “welfare queens” and (black) “lazy couch potatoes.” In reality, white people turn out to be welfare queens and lazy couch potatoes. And do you know who most white poor people are? They’re RepubliKKKlans — think of West Virginia as a prime example. So, by all means, please make these people work harder for their food and welfare checks. Sounds like a deal to me! Congratulations, RepubliKKKlans, on the huge self-own. Welcome to stupid America!