Sir, your party is on the verge of blocking the rise in the debt limit. Members of the House, the Senate and I believe even you yourself have said loudly that stopping the debt limit would be a huge mistake. Yet it appears that the Republican Party is ready to chuck it all in a chicken fight that is simply insane.
And if you have paid attention, you will note that the debt has grown so large simply because of Republican policies during the George W. Bush administration when taxes were slashed and expenditures were greatly increased with two wars and a policy to pay the highest possible prices for drugs for seniors. There were other similar policies but these were the biggest. The current administartion does not have the votes to turn these policies back since the minority party in the Senate has made 60 votes (or a 3/5ths majority) the rule. This has stymied any kind passage of legislation, good or bad.
Senator, you are over 80 years old. You are quite knowledgeable of politics and fiscal policies. I am sure you are fully aware that to stop payments on bills already accrued will cause a financial disaster of unknown proportions. Such a disaster, caused by political decisions of the Republican Party, will dwarf the the Great Depression. And a long term effect will be that the one stabilizing force in the monetary world – the full faith and credit of the United States – will be destroyed. Destroyed by politicians in what appears to be a tantrum thrown by a two year old.
Finally, you must know that immediately after the debt ceiling is stopped, every American will be hurt. Most will be hurt badly. Business will grind to a halt when government money is removed from the system, stock markets will crash big time, many Americans who live on a week to week basis will be facing starvation in short order. One can easily envisage that mob rule will soon take hold. Your Party seems not only willing, but bent on making this disaster happen.
A recovery from such a politically made disaster will not be easy because our credit will be ruined, so who will back our currency. Interest rates will be sky high and commerce as we once knew it will be destroyed. One might even consider the choice to not raise the debt limit as an act of treason .
Every Iowan will be hurt greatly. The very core of Republican voters will be crushed in such a scenario. This is no longer an esoteric exercise. As we get closer and closer to the deadline impacts such as markets crashing will begin to start. This is not a game. You are dealing with the very life of every American and maybe every life in the world.
Social security does not add to the debt and the major problem with Medicare could be easily fixed by ending the giveaway to the drug companies on senior drugs. These items should not be bargaining chips.
It is as if your party has forgotten that your job is to govern, not impose ideology.
Senator, you have the power to make a huge difference in this debate. You have a duty to the citizens of Iowa and the United States to stop the ravages of what a failure to raise the debt limit would do long before they begin. Now is the time to use your power and wisdom and avert disaster. You owe it to your country and your progeny. You are one of the few in position to make such a huge difference. Please, please, sir, do what you can to avoid this avoidable disaster.