Devin Nunes Says The 'Period Of Crisis' Provided By Default Might Inspire Lawmakers To Actually Do Their Jobs
It seems to be the consensus among sane individuals that if the United States defaults on its debt, the result would be somewhere between calamitous and apocalyptic. Something on the order of "reignit[ing] the world financial crisis" or, at the very least, the economic equivalent of everyone on the planet voiding their bowels at once.
That's the sort of thing that I would recommend avoiding at all costs, but Representative Devin Nunes (R-Calif.) apparently doesn't feel that way. In fact, it seems as if Nunes believes that the "period of crisis" catastrophe provides is just the prescription our log-jammed legislative process needs to start functioning again. A period of crisis in America, you say? Sure! Maybe one will come up.
Per Politico (who really buried the lede on this one):
As for the debt limit, there are indications that rank-and-file Republicans are rejecting warnings from the administration, many economists and even some GOP leaders that default would result in an abrupt international economic collapse.Nunes says the debt cap must be raised at some point but not necessarily before the point of default.
"By defaulting on the debt, in the short and long term, it could benefit us to go through a period of crisis that forces politicians to make decisions" on major policies that affect the budget, he told POLITICO.
Of course, from where I sit, I can't help but notice that the period of crisis related to the 2008 financial collapse didn't force politicians to make serious decisions on major policies that would regulate the financial industry to prevent it from happening again. A period of crisis related to a massive oil blowout in the Gulf of Mexico didn't force politicians to make serious decisions on policies that would regulate the offshore drilling industry to prevent future accidents. A period of crisis during which thousands of Americans have lost their homes hasn't forced politicians to make decisions on policies that would ameliorate their devastation. And a period of crisis in which U6 unemployment is at 16 percent and there are five job seekers for every job opening hasn't forced politicians to make serious decisions on major policies that would put people back to work and prevent households across America from hitting their "debt ceiling."
But, hey, maybe blowing up the economy a second time will finally do the trick! Here's an idea for Devin Nunes: Maybe he should just set fire to his office? I bet it will really help him focus.
[Hat Tip: WonkRoom]
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First Posted: 05/19/11 04:30 PM ET Updated: 07/19/11 06:12 AM ET