I watched both speeches last night on the debt ceiling. I have to say that this whole thing makes me crazed. It is a dumb time to talk about pulling trillions out of the economy, especially when we are talking about a policy that is supposed to be a decade long. All I see from the debt reduction right now is a slow growth of jobs because we never addressed the underlying problem of demand.
Be that as it may, there was plenty to be unhappy about from both the President and Speaker Boehner. President Obama is pitching us on the idea that cutting spending, and cutting it on social safety net programs is somehow going to bring the confidence and jobs fairies out of their coma and everything will be Moring in America again (I am not keen in any fashion on how much this President, this Democratic President grooves on Ronald Regan).
I understand that he is standing on the bridge of the Titanic and watching the Republicans push and iceberg into the path of the national and planetary economy. At this point I am not at all sure that there is much different he could have done, but that does not let him off the hook for granting the legitimacy of the deficit reduction by hostage taking (call it Disaster Legislating) in the first place.
He had the bully pulpit and could have been hammering it for months if he chose to do so. It is entirely possible that things would have been different, but it is water under the bridge now.
Last nights speech was kind of a primer for those (unlike you and me) who have not been paying attention and don’t have a the history of debt ceiling fights on the tip of our tongues. Still he was far too easy on the Republicans in terms of who is at fault for our massive debt. Five trillion (that is 5 million, million for those how don’t do big numbers well) was added to our debt in the 8 years of the Bush administration. That is more than 1/3 of the total.
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