The Debt Ceiling & The Albatross of Default
There is little in the public discussion of the default crisis by politicians that is true. The distortions are extraordinary, and both sides are shaping this political battlefield for partisan advantage. To be slightly more accurate, there are three sides to this triangle--the Dems, the Republicans and the Tea Partiers. The Republicans and Democrats would have had this settled long ago but the bane of politics, in the form of true believers, has spoiled the deal.
In most human enterprises we value, as we should, sincerity and dislike opportunism. But politics is different. Politics is the art of compromise and true believers muck up the works. Personally, I blame them for what is about to happen, but at least I respect their wrong-headed sincerity.
The regular pols are saying nothing that can be taken at face value. First of all the world will not end on August 2. We will "find" enough money to go on another two weeks. Our feeble recovery will have generated more tax revenue than originally calculated in picking August 2 for default. Obama has driven this hearse up to the door at least three different times--so far.
Obama's crazy, or generous, offer to put entitlements on the table along with over 4 trillion in cuts was a political feint, and although my fellow liberals screamed that he was giving away the last legacy of FDR, he knew it would not be accepted by the Republicans. This was only to appear to be the adult in the room and the great compromiser. This was to woo the middle and independents. Obama is correct in saying that there are Republicans who cannot take Yes for an answer.
The added political fact is that the Republicans might be able to say Yes to Congress or the Senate but definitely not to Obama. 2012 is already here for them. The deal, whenever it arrives, will be from the legislative branch.
The most damaged merchandise politically is Speaker Boehner. He has had deals and could not deliver his own people. His public fight with Obama is indeed Kabuki. He has to keep his distance or Eric Cantor will be the new Speaker.
In order to pass the Congress any deal will need Democratic votes. Will they vote for a two-step debt ceiling rise and have to revisit this six months closer to the election as Boehner is proposing? Would Obama really veto a two-step bill if it were to pass and get the Albatross of Default hung around his neck? I don't know but whatever they are saying now I don't believe. So far it is all politics without much concern for We the People.
©2011 Jonathan Dobrer
www.Dobrer.com
Well done!
Mr. Dobrer really cuts to the heart of the matter. A shame others (politicians) can't read the handwriting on the wall.