Debt Ceiling Debate

Things fall apart; the centre cannot hold;
....
The best lack all conviction, while the worst
Are full of passionate intensity.
-William Butler Yeats, The Second Coming

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Seldom have we witnessed a more dishonest speech in prime time than that delivered by House Speaker John Boehner last night on the debt ceiling crisis. “The sad truth,” he declared, “ is that the president wanted a blank check six months ago, and he wants a blank check today. That is just not going to happen.” more »

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Today's preferred political posture is that of "the adult in the room," the one who's prepared to compromise during negotiations. But there's a little problem with that pose. By definition, it means that you're compromising with children.

The adult in the room at a pre-school doesn't strike a deal that says we'll play outside instead of eating lunch or snacks. He or she knows that we need nutrition to stay healthy. The adult in the room wants the children to be happy, but if they're not behaving he appeals to their parents. And in politics, he or she appeals to the voters.

Well, President Obama has finally gone over the Republicans' heads to the voters, but he's left out the "nutrition" our economy needs most: jobs. The Republicans keep claiming that jobs will magically appear if taxes are kept low, even though low taxes haven't produced any jobs over the last 10 years. The President warned us Monday night that "our growing debt could cost us jobs." But you know what really costs us jobs? Not spending money to give people jobs. more »

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"Who does Standard & Poor's think it is?" asks Matt Miller, the reasonable and congenial host who represents the "center" on NPR's "Left, Right, and Center." Miller's understandably outraged that this discredited organization still has so much power and influence. But he's asking the wrong question.

S&P knows exactly what it is, and so should everyone else. It's the for-profit company which, while masquerading as a credit rating "agency," bartered its coveted AAA ratings for increased profits. The real question is why? Why does S&P still have the power to cost the government billions of dollars in added interest payments, which is what would happen if they downgraded our credit rating?

The pronouncements of these for-profit "agencies" have no more credibility than the murmured compliments of an overpriced escort in a candlelit hotel room. So why do they still have the power to endanger the financial security of millions of Americans? more »

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Looking for a lesson in the goings-on in D.C. these days? Here’s one: The more our nation's wealth concentrates, the more our democratic give-and-take becomes all take — by the rich.

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Our deficit and debt came from cutting taxes on the rich and big corporations, increasing military spending and sweetheart deals with big pharma and health insurance companies. Elite “solutions” always involve cutting back what We, the People do for each other while keeping taxes low for the rich and big corporations. The latest “Gang of 6” solution is being pushed hard, manipulating a sense of inevitability, but is just more of the same. Don't be fooled, there is significant opposition. Grassroots organizations oppose it, progressives in Congress oppose it and The American Majority opposes it. But you won’t hear that from our elite media.

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Here's some more good news, sort of, from Greg Sargent;

Yes, the ground is shifting on the debt ceiling — big time. From the new Washington Post/ABC News poll:

More than eight in 10 — including 80 percent of Republicans — say there will be serious harm to the U.S. economy if the government cannot continue to borrow money to fund its operations and pay its debts after Aug. 2.

That more than eight in ten — it’s actually 82 percent, according to the internals — is up 11 points since early June.

Evidently, the majority of Americans have suddenly, and without warning, stopped listening to budget expert Michele Bachman and have decided instead to believe everyone else from Barack Obama to Warren Buffet to the Pope instead. What good sense. more »

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The backroom Senate gang of five or six (its membership changing over time) released a plan yesterday that swept through the Washington. more »

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