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New York Times

What Defunding Means

As some of us have been saying, financial markets are way too complacent about the debt ceiling — which we’re going to hit in as little as five weeks. Everything Republican leaders are actually saying suggests that they intend to go full-on blackmail, holding America’s full faith and credit hostage to the sacred goal of crippling Obamacare before it gets going. Assumptions that they will in fact blink are entirely faith-based.

And this article about the plight of the near-old — those close to, but not yet at, the Medicare age — shows what it is the GOP is willing to fight for, indeed to endanger the stability of world financial markets:

THE sweeping federal health care law making its major public debut next month was meant for people like Juanita Stonebraker, 63, from Oakland, Md., who retired from her job in a hospital billing office a year and a half ago.

She was able to continue her health insurance coverage from the hospital for a time, but when she tried to find an individual policy on her own, none of the insurers she contacted would cover her because she was diabetic.

Yes: Republicans are willing to push the economy and the financial system to the edge of disaster in order to deny people like Ms. Stonebraker coverage. Awesome, isn’t it?

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Paul Krugman

Paul Krugman is professor of Economics and International Affairs at Princeton University and a regular columnist for The New York Times. Krugman was the 2008 recipient of the Nobel Prize in Economics. He is the author of numerous books, including The Conscience of A Liberal, The Return of Depression Economics, and his most recent, End This Depression Now!.

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