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Sen. Kent Conrad Joins The Republican Hostage Takers

5:35 am in jerks by Bill Egnor

Kent Conrad - Caricature

Kent Conrad - Caricature by DonkeyHotey


What the Hell is Sen. Kent Conrad smoking? And why it is that he won’t share (c’mon, Senator, don’t bogart that doobie!)? In today’s Washington Post Sen. Conrad enables the hostage taking of the Republican Party by saying that he does not think that the two trillion in budget cuts that the Administration is talking about is enough.

Worse, the Senior Dufus from North Dakota is actually tying these cuts to the Republican threat of not raising our debt ceiling. But don’t take my word for, here is a quote:

Conrad said he would agree to raise the debt limit for no longer than six months without a more serious effort to reduce future borrowing. And he told reporters that he is recruiting like-minded senators to “send a very clear message that some of us are not going to vote for a long-term extension of the debt limit unless there is a credible plan” to reduce borrowing.

This is not the first time that that Conserva-Dem has tried to hijack the raising of the debt limit ceiling. He was instrumental when we had a 59 seat majority in the Senate for holding up the last round of debt ceiling increase. At the time he rounded up 12 Senators and insisted on the creation of the Simpson Bowels Cat Food Commission as the price for their votes.

What makes me nuts about this whole thing is that it has no basis in economic reality. Yes our debt is high, we have been in the worst economic downturn (major recession plus an anemic recovery) that the nation has seen in 80 years, pretty much the life time of the majority of the nation, this tends to lead to higher debt.
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Speaker Boehner Stop Lying, Broke Nations Can’t Borrow

6:28 am in Economy, jerks, Republican Party by Bill Egnor

Bank Of Montreal

Bank Of Montreal by Galt Museum & Archives on The Commons, on Flickr

We’re flat broke. What do you think of when you read that? Having been busted more than a few times in my life it means no money and no prospect of getting any. Pretty simple and straight forward, unless, of course, you are the Speaker of the House; then “broke” can be parsed and spun and twisted.

We have all seen the great orange Speaker saying “We’re broke” over and over again as he tries to sell a justification for what his masters (the Freshmen Republican “Tea Partiers”) insist on him doing with the budget. It is really an effective statement, powerful, short and direct. It would be perfect if it were not for the fact that it is flatly a lie.

The United States has a deficit. That is true. The United States also has a lot of debt, but to say that we are “broke” is ridiculous. It is just another half truth scare tactic from the party that has made a performance art-form of the practice.

Even Speaker Boehner’s office has had to admit that he is parsing the word. When they were challenged on the claim the U.S. is broke they came out with a statement that said when the Speaker says “broke” he means spending more than you have for an extended period of time. Sheesh! It is hard enough to communicate in this life without making twisted and tortured parses of common words.

What gets up right up my nose about this meme is that is completely ignores the fact there are two things to do when one does not have enough money. Spend less or get more money. As State Rep. Joe Gibbons (D-FL) put it so succinctly on NPR this morning:

If my family checkbook at home is short, you know what I do? I get a second job. I don’t just eat three days instead of seven. … What they’re telling us we got to do is, you got to eat three days.”

There is a lot of opportunity and in fact lot of desire on the part of the citizenry in the nation to raise taxes on the wealthy both at the state level and the national level. Nationally 88% of folks surveyed said they would rather raise taxes on millionaires and billionaires than cut programs in an effort to balance the budget. In Wisconsin where this fight is playing out on the smaller scale 67% percent said they would like to see higher taxes on people making $150,000 a year.

Of course this shows the basic Republican ideological bankruptcy. They have been trumpeting (that’s what Elephants do, trumpet, right?) about the freaking deficit for two entire years. Yet in that time they have not been willing to raises taxes on the ultra-wealthy. Just so it does not go down the memory whole, they were the ones that held the extension of unemployment benefits for millions of out of work Americans hostage to get an extension of the Bush Tax Cuts for the Paris Hilton’s and Koch Brothers of the nation.

They are also the ones that are now trying to claim that the modest job growth that we are seeing as the final bits of the stimulus money from the American Reinvestment Act are spent is due to keeping taxes at the same rate as when their deregulatory policy crashed the national and planetary economy.

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China Blues – The Next Republican Deficit Meme

3:11 pm in Financial Crisis by Bill Egnor

Looking around the country you would think the easiest thing in the world to get passed would be a jobs bill or another stimulus. The number of unemployed Americans is critically high and the business climate is pretty dismal. The growth we saw in the economy in the last quarter was due to businesses restocking inventory, the cash for clunkers program and the stimulus. Without more help, it will not be repeated.

Yet the Republicans are going to go nuts about the deficit and the debt. It does not matter to them that they were primarily responsible for running it up with two unpaid for wars, taxes cuts to the wealthiest Americans and the prescription drug bill. They are going to scream bloody murder that we are mortgaging our children’s future, even though they and their fat cat buddies are not going to do anything to pay down what they spent.

One of the big scare tactics, which you are going to hear about in the next few weeks, is the amount of money we owe to the Chinese. There was even a Super Bowl commercial from Rick Berman’s Astroturf group the Employment Policies Institute (you have to give it to Conservative Astroturfers they have the Orwellian names down) with cute little kiddies saying a new pledge to China and the Debt. You can see it here.

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