Tyler Durden over at Zero Hedge makes a point overlooked by almost everyone who talks about this debt-ceiling limit compared to previous ones (his emphases):
While everyone and their grandmother is foaming at the mouth how both republicans and democrats hiked the debt ceiling for umpteen times over the past x years, the truth is that never before has the ratio of the proposed debt ceiling to the tax receipt ratio been as high as it is now. At nearly 6 times, this means that the top line (forget bottom line) cash inflows into the Treasury are 6 times lower than the current debt ceiling. And following the upcoming $2.5 trillion this number will surge to almost 8 times.
My first encounter with the idea/s of Ron Paul came more than a decade ago on a long-defunct Website, I’m sad to say, the name of which I don’t recall. It was a repository of intelligence about some of the more bizarre beliefs of prominent right-wingers. Jerry Falwell and Pat Robertson were particularly favorite targets. But there was one page devoted to Ron Paul’s outrageous racism, a catalog of some truly ignorant and occasionally horrifyingly mean-spirited remarks Paul was alleged to have made about poor people of color over the course of his political and academic careers.
When, during the last decade, Paul’s courageous (or simply intellectually rigid?) anti-war stance earned him a lot of love from many on the left and heightened his stature internationally, I wanted to double-check my first prejudice against him. Alas, the site was gone, and the web seemed to have been scrubbed of any evidence of Paul’s backwardness on race. (A Google check today, however, now that Paul is a big favorite of Tea Party types, shows that his racist past–and probable present– is ready to come back and bite him at any time: Jonathan Chait and James Kirchik for example have written on the subject for TNR.) Continue reading