Just some random thoughts on the continuing debt ceiling debate/crisis:
There was an interesting discussion on Hardball yesterday with one of the commentators saying that big business heavily promoted and funded the Tea Party and may have created a monster in the process that threatens its (big business) own interests. I don’t think the big business /Wall Street set want the government to default on its obligations and wreak fiscal havoc here and around the globe. It kind of reminds me of the moneyed class and business interests supporting Hitler in Germany thinking the loud-mouthed simpleton could be quite useful but could be controlled. Not a good analogy, maybe, but I see some similarities.
But the idea that someone, some group, the American people even, have to stand up and say enough is enough, let’s get our fiscal house in order, and let’s cut the crap of an idea that we can just continue borrowing money as we go ever deeper into debt, is compelling.
Here’s another one, lest you think the Tea Party is only a far right-wing Republican group or only would embrace far right-wing Republican ideas, I heard the leader of one of the Tea Party groups say yesterday at we should go back to the Bill Clinton budget that was balanced, Clinton, a middle-of-the-road Democrat, often portrayed as liberal. The truth is, though, that government budgets, even in the states were constitutions require they be balanced, are not really balanced. They just use various forms of financial gimmickry. Besides budgets are just plans. Spending realities are different.
The more I think about this, the more I think that the president should just order that the bills that have to be paid, such as obligations to bondholders, be paid, and let congress fight it out, bill by bill, program by program, as to how money should be spent and taxes levied. That is its job.
The only two things the public at large can do is communicate with their legislators and at election time vote out those who don’t seem to represent their interests and/or cannot handle their job, or I might add, have just been in there too long and have gotten stale.
And one more thing: I don’t want to see anyone’s taxes raised, particularly my own, but it is my understanding that tax rates in general are far lower than they have been in years past.
And here is something to make your head swim, if you have not already read it, and something that indicates the president does have the power to resolve the current crisis on his own and something that seems to indicate that the way government creates money is all just so much hocus pocus anyway: http://www.cnn.com/2011/OPINION/07/28/balkin.obama.options/index.html?eref=igoogledmn_topstories