Let’s be real: avoiding a debt default is primarily about protecting the stock market; i.e., keeping well-off investors from getting too spooked. It was never about saving jobs! The transparent goal of the Federal Reserve with these rate hikes is to slow the economy and get people laid off to slow inflation.
This bill will kick the most needy off of government assistance, will let the wealthy cheat on their taxes with less risk, and force borrowers to start paying their student loans without us even knowing if the Supreme Court will let forgiveness go through.
If Congress wanted to slow inflation, it could enforce antitrust laws and tax excess profits. If Congress wanted to lower our deficit, it could bring back sensible progressive taxation that is common in the rest of the developed world.
But no. This isn’t about either of those things. It’s about making the wealthy wealthier at everyone else’s expense.