Hern's economics Lecture...
Hard to believe but the Tulsa World published my letter this morning:
First District Rep. Kevin Hern tweeted, “I’d like to sit my colleagues down for an economics lesson. They clearly need it.”
As we’re bumping up against the debt ceiling, this would be an excellent time for an economics lecture, though I’m not sure Hern should be the one to give it.
An honest lecture would include the following: The U.S. has never defaulted on its debt — a default would be catastrophic for the U.S. and the world as the damage to the country’s “full faith and credit” would result in severe turmoil, likely to provoke a deep recession (or depression) and the sure damage to credit ratings would result in much higher borrowing costs for both people and governments.
Going forward, living standards would be lowered and taxes would have to be raised to cover the higher debt costs.
Would Hern mention that since 1960, that the ceiling has been raised 78 times—30 under Democratic presidents and 49 under Republican? Would he reveal that 25% of the current outstanding federal debt accrued in the four years of the Trump Administration?
Finally, would Representative Hern’s lecture admit that his vote for the unpaid for Trump tax reduction, being heavily-skewed-toward-the-rich (like himself), added $2 trillion to the current debt? (And that tax cuts—don’t “pay for themselves.”)
As Hern voted to overturn the 2020 election results, presumably wanting more Big Lie Trumpism, I’ll be fact checking any lecture he gives.