Tag Archive for 'national-bankruptcy'



The Debt Ceiling and Washington’s Political Pornography

Published July 12th, 2011 by tcarpenter

Watching the negotiations in Washington about whether to raise the ceiling on the national debt is like watching a vile form of pornography–if pornography were boring as well as disgusting. Both Republicans and Democrats are engaged in their usual political posturing. The GOP members of Congress dig-in their heels about raising the debt limit, although the overwhelming majority of them had no problem taking that step during the Bush years–or for that matter during the administration of the sainted Ronald Reagan. They are equally adamant about no new taxes. That is an admirable position in principle, but only if serious spending cuts are made to keep the budget from continuing to bleed vast quantities of red ink. Borrowing to cover the shortfall is simply a form of deferred, covert taxation–with the goal of shifting much of the burden onto future generations.

 

Amazingly, the Obama administration and the congressional Democrats manage to be even a little worse than their Republican colleagues. They habitually portray proposals merely to slow the jaw-dropping growth in federal spending as brutal “cuts” that would devastate essential programs and put Grandma and Grandpa out on the street without their Social Security checks. Whenever the Dems propose so-called spending cuts, they are little more than paper promises to slow the rate of increase in spending in the out years–i.e., 5 to 10 years in the future. Experience has shown that promises of spending restraint in the mists of the distant future almost never become reality.

 

Both parties play their cynical games while the country careens toward national bankruptcy. If the massive budget deficit is not reduced through real (and substantial) cuts–which means cutting military spending, Social Security and Medicare–the United States could be Greece in another decade or two. Our children and grandchildren will not think kindly of us if that happens. But not to worry. The Republicans and Democrats in the 2020s will be busy blaming each other for the debacle.