Yoho Thinks Default Would be Great

Rep. Ted Yoho is one of the new class of Tea Party Republicans in Congress and he is quickly proving to be one of the most ignorant and delusional. In an interview with the Washington Post, he actually claimed that defaulting on the federal debt could be a good thing for financial markets.

Now, Yoho is ready for a bigger fight. He doesn’t want to raise the debt ceiling — ever again. The experts, and Republican leaders, say that would trigger a financial catastrophe.

But Yoho didn’t listen to them about the shutdown. And look how that turned out.

“I think we need to have that moment where we realize [we’re] going broke,” Yoho said. If the debt ceiling isn’t raised, that will sure as heck be a moment. “I think, personally, it would bring stability to the world markets,” since they would be assured that the United States had moved decisively to curb its debt.

This is so utterly contrary to reality that it amounts to a delusion. No one on Wall Street believes that. No one in the Treasury Department believes that. No economists that I know of believe that. In fact, the Treasury Department recently issued a report saying that default would likely create “a recession more severe than any seen since the Great Depression.” Once again we see that the wingnuts are simply living in a different reality, one of their own creation that exists only in their minds. Facts just don’t matter.

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