Dear Editor:
What if Hillary wins? Let's assume also that the Senate flips to 51-49 in favor of the Democrats and the House remains firmly Republican.
If this should happen, both houses of Congress will be in a position to block anything she wants to do, the House because of the Republican majority and the Senate because of the filibuster. Not only will Congress have the means of obstructing her, it will have the motivation since Hillary Clinton is one of the most disliked persons ever to run for president.
Suppose Hillary tries to fill the current Supreme Court vacancy. Won't happen. The Senate will filibuster any nominee she proposes.
Suppose Hillary proposes an Infrastructure for America Act. The goal would be to spend $2 trillion improving the country's infrastructure - roads, bridges, airports, the electric grid, buildings, power supplies, water and sewer systems, etc. All of this would, directly and indirectly, create many jobs and it might get our moribund economy moving again. After all, consumer spending accounts for 70 percent of GDP and new jobs mean more consumer spending.
How to pay for this? Some from more taxes on the wealthy, e.g., on those owning $1 billion or more, but most of the money would be borrowed by selling Treasury bonds at today's absurdly low interest rates.
Won't happen. Congress will say we have too much debt already; we can't afford better infrastructure, more jobs and a growing economy. This overlooks the fact that the government can always print any money needed to pay off its bonds. Any abuse of that process will be limited by the market, which will jack up interest rates on new debt if monetary abuse is perceived. Today the market is not worried as evidenced by the historically low interest rates.
Congress should listen to the free markets, but they won't. They hate Hillary too much for that.
Other examples are possible, but the upshot is that we will have a do-nothing government for four more years. Roads and bridges will continue to deteriorate; wage and job growth will continue in the slow lane; and the national mood will continue to darken.
Hillary Clinton could take a big step toward averting this gloomy outcome by withdrawing from the race in favor of her running mate, Tim Kaine. The odds of this? One in a million at best.
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