A few things that struck me (in order of appearance):
First:
For the last decade, we have spent more money than we take in. In the year 2000, the government had a budget surplus. But instead of using it to pay off our debt, the money was spent on trillions of dollars in new tax cuts, while two wars and an expensive prescription drug program were simply added to our nation’s credit card.
And on that issue of "two wars" that GWB just "added to our nation's credit card," what would Obama have had him do? What would Obama have done if 9/11 happened on HIS watch? I shudder to think.
Next:
Now, every family knows that a little credit card debt is manageable. But if we stay on the current path, our growing debt could cost us jobs and do serious damage to the economy. More of our tax dollars will go toward paying off the interest on our loans. Businesses will be less likely to open up shop and hire workers in a country that can’t balance its books.
I won’t bore you with the details of every plan or proposal, but basically, the debate has centered around two different approaches.
The first approach says, let’s live within our means by making serious, historic cuts in government spending. Let’s cut domestic spending to the lowest level it’s been since Dwight Eisenhower was President. Let’s cut defense spending at the Pentagon by hundreds of billions of dollars. Let’s cut out the waste and fraud in health care programs like Medicare – and at the same time, let’s make modest adjustments so that Medicare is still there for future generations. Finally, let’s ask the wealthiest Americans and biggest corporations to give up some of their tax breaks and special deductions.
The only reason this balanced approach isn’t on its way to becoming law right now is because a significant number of Republicans in Congress are insisting on a cuts-only approach – an approach that doesn’t ask the wealthiest Americans or biggest corporations to contribute anything at all. And because nothing is asked of those at the top of the income scales, such an approach would close the deficit only with more severe cuts to programs we all care about – cuts that place a greater burden on working families.
Keep in mind that under a balanced approach, the 98% of Americans who make under $250,000 would see no tax increases at all.
Understand – raising the debt ceiling does not allow Congress to spend more money. It simply gives our country the ability to pay the bills that Congress has already racked up. In the past, raising the debt ceiling was routine. Since the 1950s, Congress has always passed it, and every President has signed it. President Reagan did it 18 times. George W. Bush did it 7 times. And we have to do it by next Tuesday, August 2nd, or else we won’t be able to pay all of our bills.
Unfortunately, for the past several weeks, Republican House members have essentially said that the only way they’ll vote to prevent America’s first-ever default is if the rest of us agree to their deep, spending cuts-only approach.
For the first time in history, our country’s Triple A credit rating would be downgraded, leaving investors around the world to wonder whether the United States is still a good bet. Interest rates would skyrocket on credit cards, mortgages, and car loans, which amounts to a huge tax hike on the American people. We would risk sparking a deep economic crisis – one caused almost entirely by Washington.
Defaulting on our obligations is a reckless and irresponsible outcome to this debate. And Republican leaders say that they agree we must avoid default. But the new approach that Speaker Boehner unveiled today, which would temporarily extend the debt ceiling in exchange for spending cuts, would force us to once again face the threat of default just six months from now. In other words, it doesn’t solve the problem.
America, after all, has always been a grand experiment in compromise. As a democracy made up of every race and religion, where every belief and point of view is welcomed, we have put to the test time and again the proposition at the heart of our founding: that out of many, we are one. We have engaged in fierce and passionate debates about the issues of the day, but from slavery to war, from civil liberties to questions of economic justice, we have tried to live by the words that Jefferson once wrote: “Every man cannot have his way in all things…Without this mutual disposition, we are disjointed individuals, but not a society.”This is a debate about civil liberties and slavery? All this time I thought we were talking about excessive Washington spending. Or is it the same thing?
Obama closes by saying how great America is (was?) and how history is scattered with ideologues (like him) but that we remember those (like Boehner?) who put country first and stand up for the greater good.
On that part, we agree.
Palate cleanser: Boehner's response.
Added: Best quote from The Other McCain:
You know who’s smiling now? Jimmy Carter.
Because Jimmy’s well on his way to becoming the second-worst president in American history.
(Linked at The Other McCain - Thanks! And at Fishersville Mike - Thank you! And at Pirates Cove! Thanks!)
So I suppose Congressional members were simply lemmings to vote (sans debate) to raise the debt ceiling under GWB to "fund" his unfunded Medicare (Part D) and the Iraq War (Pentagon-Part WMD)...?
ReplyDeleteIf so, then go ahead, let the debt ceiling remain where it is (in lieu of passing a Constitutional Amendemnt in 10 days). You think just because middle class voting cards read (R) that they're exempt from the interest rates to come? Enjoy middle-class Kool-Aid/Tea drinkers!!
(And "ensuring" Obama to be a 1-termer means YOU (GOP) can OWN the next 4 years with the USA begging to borrow from whatever shylock country that'll fund the lowest tax rates in the past 40 years)
When you say you a need a Mastercard because your Visa is over the limit...time to stop the spending binge. This applies to college age daughters as well as The Federal Government.
ReplyDeleteIt may seem strange that as the president demonizes the corporate and private jets, Michelle Obama is on her way to Aspen to raise money from the very rich, the people who fly those jets. I happened to pass the Aspen airport the other day and I have never seen so many private jets in one place. You can see them from Google maps.
ReplyDeleteSee http://maps.google.com/maps?q=Aspen+Co&hl=en&ll=39.222978,-106.865269&spn=0.005045,0.010407&t=h&z=17
Too many people do not see that there is a distinction between the rich, who generally like Obama, and those who earn high incomes. If you are wealthy because your ancestors were wealthy, you really do not want to see new people join you. Obama threatens those on the way to becoming wealthy more than he threatens those who are already wealthy, which is why he can raise buckets of money in a place like Aspen.
Why do some people not seem to understand that spending 4.1 billion dollars a day is not sustainable? It does not matter if it is a dem or rep. That is how much is being spent by this adminstration.
ReplyDeleteThanks for the very enjoyable Fisking of Little Lord Hemorrhoid, Pat.
ReplyDeleteQuoted from and Linked to at:
Stale Obama Banana Nut Bread Goes Moldy