Debt ceiling deal: A solution in search of a problem

Clipart of a hand shake

Just like during the budget fight last December, the ruling oligarchy took it to the last moment to agree on a deal on raising the debt ceiling. “Good” for them. The deal though is a solution looking for a problem.

As I have written before, cutting the budget now is stupid. It was stupid when it was done back at the end of last year.

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Debt ceiling “crisis” is actually a tyranny of the money majority

Image of a bounced check

As the Republicans drive us closer to the cliff of financial ruin, the fact is that the debt ceiling needs to be raised to pay for what has already been budgeted. Remember the government shut down crisis in December? Not only is this crisis a Tea Party wet dream, but the Democrats don’t get off the hook. Who’s bright idea came up with the need to cut the deficit while the economy wobbles after the gut punch in 2008 that led to 9%+ unemployment, tanked the housing market, and the largest income gap since 1928. What we are seeing isn’t just a GOP vs. Democrat battle, it’s the tyranny of the money majority.

The debt ceiling has to be raised to pay for the budget that was passed in December. This is similar to paying your credit car bill a month after using it to buy something. If you don’t pay your credit card bill on time or at all you get socked with a massive interest rate increase. That will happen for a start if the ceiling isn’t raised. It could also lead to grandma not getting her social security check and the weak recovery we have been under will bottom out. Then 9% unemployment would be seen as the good old days.

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Why the facts are bad for Republicans

It amazes me some of the crap people believe even when facts and the truth prove them wrong on a regular basis. I’m use to such “thinking” having been involved in the atheist/humanism/freethought movement for more than 15 years. I’m use to religious believers being stubborn but I have to slap my head when usually smart people believe stupid crap. Republicans seem to have a corner on that freaky behavior.

Markos at Daily Kos posts samples of the hate mail he gets being the founder of a major liberal blog. Here is a comment sent to him and his response:

just a comment

I just recently discovered all this “interesting” information on your website and I have concluded one thing……..it is YOU and people like you that are responsible for my ripping up my DEMO-NUT card and becoming a PROUD REPUBLICAN! There is nothing more dangerous to America than a rabid left wing liberal. Well maybe a crazy jihadist with a bomb strapped to his chest; but you haven’t figured that out yet and probably you never will. Idiot.

Dude, where have you been? A crazy jihadist might be able to kill some people, but liberals would provide (true) universal single-payer healthcare, work toward peace on earth, spread tolerance and equality of opportunity, hold greedy corporations accountable for their looting of America, work to replace fossil fuels with clean renewal energy, create a fair and sane immigration policy, and even the negotiating playing field between workers and big business.

Saturday Hate Mail-a-palooza

Some Republicans get spoon fed the wacko idea that LIBERALS are destroying the country when the facts and the truth show that we would be so much better off as a nation if the liberals ran the government. Those pesky facts would also show that it was the work of the GOP in Congress and their corporate lords that brought us the 2008 economic collapse and helped make the Gulf oil spill worse that it needed to be.

Just look at the actual history of this country and you will see liberals and progressives leading the country forward and conservatives bring us down.

“I’m speaking totally for myself and I’m not speaking for the Republican Party and I’m not speaking for anybody in the House of Representatives but myself, but I’m ashamed of what happened in the White House yesterday. I think it’s a tragedy of the first proportion that a private corporation can be subjected to what I would characterize as a shakedown. In this case, a $20 billion shakedown with the Attorney General of the United States who is legitimately conducting a criminal investigation and has every right to do so to protect the interests of the American people participating in what amounts to a $20 billion slush fund that’s unprecedented in our nation’s history that’s got no legal standing and what I think sets a terrible precedent for the future,” said Barton.

“I’m only speaking for myself. I’m not speaking for anybody else, but I apologize. I do not want to live in a country where any time a citizen or a corporation does something that is legitimately wrong and is subject to some sort of political pressure that is, again, in my words, amounts to a shakedown. So I apologize,” he said.

Rep. Joe Barton (R-TX) on June 17th 2010 hearing about BP Oil spill

And it isn’t just Joe Barton saying this about the escrow fund:

The fact is BP didn’t have to set the money aside. They could’ve waited until any legal cases were resolved or any other foot dragging methods a large company employs to keep from having to pay damages.

The GOP also ignores polling showing they are on the wrong team on this issue:

68 percent of respondents want more regulation of the oil industry;

72 percent favor “Barack Obama’s proposals to develop alternative sources of energy and reduce the amount of oil and other fossil fuels that are produced and used in this country”;

69 percent believe such plans will increase jobs.

According to the poll, opposition to increased offshore drilling has grown 10 points since May and is now twice as high as it was in 2008. Fifty-eight percent of those questioned support a six-month moratorium on new drilling in the Gulf and other offshore sites; 68 percent favor increased regulation of the oil industry in this country.

“There is a gender and generation gap on offshore oil drilling – women and younger Americans are less likely to support drilling offshore and more likely to support a moratorium,” says CNN Polling Director Keating Holland.

Measures that directly target BP are also popular – 63 percent favor lifting the liability cap on BP and 53 percent would support criminal charges against some BP employees or executives.

CNN Poll: Half say Gulf will never recover

Then we have the deficit hawks who show up around election time to whine about money being spent. It’s different this time because we are still in financial trouble and if these hawks get their way we might end up in another economic collapse. As Economist Paul Krugman wrote recently:

Many economists, myself included, regard this turn to austerity as a huge mistake. It raises memories of 1937, when F.D.R.’s premature attempt to balance the budget helped plunge a recovering economy back into severe recession.

In America, many self-described deficit hawks are hypocrites, pure and simple: They’re eager to slash benefits for those in need, but their concerns about red ink vanish when it comes to tax breaks for the wealthy. Thus, Senator Ben Nelson, who sanctimoniously declared that we can’t afford $77 billion in aid to the unemployed, was instrumental in passing the first Bush tax cut, which cost a cool $1.3 trillion. 

That ’30s Feeling

The major drag on the economy is still health care costs since the reform that was passed was only a start and the major parts haven’t taken effect yet. Blogger digby wrote:

Any deficit scold who doesn’t put reducing health care costs at the very top of the agenda is just a demagogic crank doing the dirty work for the aristocratic overlords.

Basic Arithmetic

The GOP want to kiss corporate ass, cut the social safety net, and lie about it all.

I hope the bruise on my head goes away before November so I can party during another Democratic election victory.