Sunday, July 31, 2011
The Debt Ceiling - Obama and Democratic Senators Sold Us Down The River
A Confederacy of Hypocrites
They made a deal with Dark Side. They call it "compromise"; they call it "pragmatism".
The bottom line is shameful, utterly abject surrender by Obama and the Democratic leadership to the demands of Republican and Tea Party bullies. According to current news on the Internet, Nancy Pelosi is making some noise about not supporting the deal made by Harry Reid and Democratic senators. Hope she does not capitulate. Not going to make a difference but at least a symbolic gesture that reflects the position of many Democrats.
Obama's role is not surprising. A typical, amoral politician, he has steadily shifted to the right after his election. One gets the impression that to win in 2012 he would readily be a 'born-again Christian' and a fervent pro-lifer.And America's long-suffering taxpayers, who pay the salaries of the politicians who brought us to the brink of default? How do they come out?
That remains to be seen. The big concern among many was that this crisis would result in significant tax increases. All the big discussions -- the Simpson-Bowles Commission, the Gang of Six in the Senate, the potential Grand Bargain between President Obama and House Speaker John Boehner -- included revenue enhancements, the elimination of loopholes, the termination of tax credits. In other words, tax increases on some people. And at time when income tax rates and overall tax receipts as a percentage of GDP are as low as they've been in recent history, the prospect of making a huge dent in the deficit through spending cuts alone seemed politically unviable. And yet, thanks to a combination of Republican intransigence, moderate wishy-washiness, and Democratic lameness, the deal included no revenue enhancements. People worried about higher taxes have dodged a bullet, for now. -Daniel Gros, Yahoo.com
*****
