Chaos! Nobody’s happy! Hooray?!

Okay, if you want to gorge on debt discussions Hot Air has you covered.  They have lots of links from both sides of the divide.

Probably the best summation is from the WSJ:

If a good political compromise is one that has something for everyone to hate, then last night’s bipartisan debt-ceiling deal is a triumph.

I guess.  Given that the Tea Partys are hated by much of the Republican establishment, and that Republicans control only the House, maybe it was pretty amazing to get this much.  Whatever “this” is, don’t know the details yet.

But I can pretty much guarantee that the cuts are vastly overstated and the costs underrated.  Probably some wildly inflated assumptions about GDP growth in there, etc. etc.

In fact, for now I’ll assume the “cuts” are merely baseline-accounting tricks.

But assuming the GOP can take the Senate and the White House next year, and the Tea Party patriots hold its feet to the fire…can you imagine how badly the left is going to behave. 

At some point the government has to spend less than it takes in…that is, revenue must start reducing the debt, not just servicing the interest.

Doesn’t it?  I’m no Nobel-winning economist, but does mathematics change if you throw a dollar sign in front of it?

I’d love to see someone point this out.  “Either start paying down the debt or admit you have no intention of ever paying it off.  Those are the choices:  choose sacrifices or choose to be a thief.”

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About wormme

I've accepted that all of you are socially superior to me. But no pretending that any of you are rational.
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One Response to Chaos! Nobody’s happy! Hooray?!

  1. Engineer Bob says:

    Here is how you cut one trillion dollars in ten years — one dollar this year, ten dollars next year, and then 125 billion each year for the next eight years. And, by the way, the election is in two years, and no Congress can be bound by a prior Congress.

    Now, these “cuts” are reductions in spending increases; even the 125e9 dollars is actually an increase.

    And, of course, the corresponding debt ceiling increases will be used *right now*.

    OK, OK, I’m joking. A bit. (And I stole the joke from somewhere in the depths of Internet…)

    Actually, I think this Kabuki Theater is all that is possible today, given Tea Party influence in the House, but not the Senate or the White House. So, I’ll take it, gratefully. And press further on every occasion.

    You’ll know that someone is getting serious about cutting if you see entire Federal Agencies being abolished. Or the big entitlements (Social Security, Medicare, Obamacare, Medicade) getting restructured in a long-term financially-feasible way.

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