Showing posts with label debt ceiling crisis. Show all posts
Showing posts with label debt ceiling crisis. Show all posts

Monday, August 01, 2011

Listen up, you Tea Party Bastard

For between true Science and erroneous doctrines, Ignorance is in the middle.

-Thomas Hobbes-

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“the credibility of the United States is now surrounded by uncertainty.”Said Fareed Zakaria on AC360. I don't think so. That the reigns of power have been grabbed by a malicious minority for whom the successful defense of a failed and disastrous economic theory seems damned certain. That even a very large majority of voters have become so removed from participation in decision making is so certain that the Tea Party inmates now dance with idiot glee on the site soon to become the grave of our country. For after all, has that 3% taken off the adjusted gross in excess of $250,000 not been the reason we all did so well during the Bush administration? Wasn't it the reason that private sector job growth was at 0.0% for 8 years?

What remains quite certain in my mind is that the stated objectives of the hostage takers are not to be taken at face value, yet, even if we do, the premise behind it all is a lie and smells accordingly. The real but hidden objective of course is a feudal society out of the sick dreams of Ayn Rand, where a handful of powerful people are unimpeded in their greed and everyone else is destined ( and designed) to serve them while subsisting on their crumbs and leavings. But, these scams, these lies, these frauds are still the fundamental props of that Tea Party scheme, a scheme shown to fail even more quickly than Communism does -- and we're allowing our erstwhile democracy to fall like Jericho to a mob walking in circles and blowing loud on a horn.

"The imbecile bourgeoisie of this country make themselves the accomplices of the very people whose aim is to drive them out of their houses to starve in ditches"

-Joseph Conrad-

Upper bracket tax cuts do not create jobs or prosperity except for a very, very few individuals and that prosperity comes with a crushing burden on the rest of the populace. While the fake Libertarians rhapsodize about not ever asking what they can do for their country, Mexico sits there demonstrating what it's like when a handful with all the money are absolved from responsibility and often even from the law.

A healthy Capitalistic system, a system that fosters job growth requires discretionary money flowing through the hands of consumers and the "agreement" we now seem to have had forced upon us takes it away while granting favors to a privileged class who spend proportionately less on consumer goods, thus weakening the economy. We've had thirty years of the continuous failure of this long con, although, thanks to the ownership of the 24 hour propaganda system by that privileged plutocratic class, we've forgotten.

The rich man will not hire people to build anything while most of the country can't afford to buy them
and as a shark requires moving water to survive, a capitalist economy requires moving money.

Tax cuts do not pay for themselves with increased revenues. much less do they pay for the longest and most expensive wars in American history. We have now had three wars in three decades, all sold as self-funding and the lion's share of our debt is attributable to our having to borrow the funds from abroad to pay corporations who do not pay taxes rather than paying for it. The war that pays for itself in booty is a stinking lie. How much more proof will it take?

Tax cuts for the wealthy do not create jobs, nor boost the economy, nor boost revenue. Only a small fraction of the extra cash in deep pockets makes its way back into the economy and nearly all of the cash from entitlements and paychecks of middle and working class families does -- and quickly. For each Porsche or Ferrari or yacht bought with that extra tax bonus, for every stash of Krugerrands or condo in Marbella, 10 families, maybe 100 families would have bought cars and washing machines and refrigerators and school supplies and some might have bought hamburger instead of cat food. Their money returns to the economy instantly. Yet every day we hear lying voices shouting about "job destroying taxes;" shouting so loud that we forget that our most prosperous and fully employed years featured high marginal rates.

Marginal rates below 50% seem to precede recessions. Don't believe me, look it up and the biggest debt increases have been under Republicans for a very long time -- most spectacularly under the misrule of Bush and Cheney and don't tell me you were against it at the time, you weren't.

“Reagan taught us that deficits don't matter”
-Dick Cheney-

This isn't Obama's recession, it belongs to all of us and Obama's biggest "spending spree" was in his first year, operating under a budget and tax scheme passed by Bush. It's as if Congress bought the yacht under Bush and because Obama had to make the payments, pay for the dockage, maintenance and fuel, he's the spendthrift.

The biggest increase of the debt ceiling in the average American's lifetime was under Reagan, the second under Bush, 200% and 90% respectively. Both presidents created recessions. Clinton raised the debt ceiling 44% and raised taxes and we had record high employment and the longest period of expansion and prosperity - ever. Funny how you told us his success was because of Reagan and Bush the First, but on the day of his inauguration, it was "Obama's recession."

26% under Obama so he can pay "the troops" and keep our contractual obligations -- and the reeking, ignorant unwashed rabble take to the streets and storm Congress screaming about impeachment and the biggest spending president ever since the beginning of time.


"Joy to great Chaos! Let Division reign"

-Pope-

But you won't learn, you won't be honest, you won't stop protecting your fantasy, even if you have to go down with the ship you're scuttling. So keep giggling, keep your nose in the air -- keep talking about tax and spend Democrats and bleeding heart Liberals. You'll bleed too and there will be no one to help, no one to care.

Thursday, July 28, 2011

Billion Dollar Coins and Exploding Options -- oh my!

Maybe the President can't simply cite the 14th amendment and raise the debt ceiling, maybe he can -- but does the Constitution provide a paddle? Must he allow the Tea Party to shut down the government as the more mainstream Republicans attempted to do in 1995 during the Clinton administration?

You remember President Clinton, don't you, the guy that the snickering snarkmongers told us would only serve one term, who would destroy capitalism, plunge us into debt and start fake wars simply to allow him to become a dictator. I'm sure the parallels are coincidental. (wink, wink, nudge, nudge)

But Obama, even if if no Clinton, ( for better or worse) may still have options, says Jack M. Balkin, Knight Professor of Constitutional Law at Yale Law School. The Constitution has as many loopholes as the Tea Party has loonies, although some of them are as arcane as something out of the Da Vinci Code. There's the Platinum Coin gambit and the exploding Option Strategy, for instance.

Even so, all may not be lost for 14th amendment solution protagonists, like Bill Clinton and a few others says Balkin.
"If the president reasonably believes that the public debt will be put in question for either reason, Section 4 comes into play once again. His predicament is caused by the combination of statutes that authorize and limit what he can do: He must pay appropriated monies, but he may not print new currency and he may not float new debt. If this combination of contradictory commands would cause him to violate Section 4, then he has a constitutional duty to treat at least one of the laws as unconstitutional as applied to the current circumstances."

Balkin likens this dispute to recent attempts to topple the president over his ability to use the military to protect the national interest or in emergencies.
"If the courts won't intervene in the Libya affair, they probably won't intervene here."

But regardless of your opinion on the best way to beat back the barbarians, (whichever side you think they're on, Balkin's CNN exclusive interview is great reading and gives a glimmer of hope that the Constitution will do what it was designed to do, protect us.

Tuesday, July 26, 2011

Taking the 14th

"The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned."

14th Amendment, US Constitution
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Now, I'm no lawyer, which means that I generally take such statements at face value and have no knowledge of what pretzels they've been twisted into by various courts in various cases, but it seems to me that if congress can't question the validity of our public debt, then congress can't refuse to pay it or more importantly say it's only valid under a certain amount authorized by Congress after they've already deemed it legal. What do you think?

I hate to bring up the constitution at a time when the Tea Bag Patriots are pretending to worship it while claiming that those who would like to actually conform to it are "shredding it" but the situation is getting serious.

Of course this whole controversy is about "taking down" the president we elected by a good margin and replacing him with a Tea Party Republican of their choice hell bent not on reducing the debt, but killing Social Security, Medicare, all forms of welfare and any protection for the public against the health insurance cartel -- and all to make sure people like me can put an extra tank of fuel into the yacht every now and then thus creating jobs in the Bahamas and Taiwan.

After all they raised the debt ceiling every year a Republican was in office since the beginning of the Reagan administration and authorized Bush's massive debt explosion like a well disciplined private army. Remember when "debt doesn't matter" was the slogan? No? Well I do.

"Obama would be impeached if he blocked debt payments"

says Rep. Steve King (R-IA) and he'd also be impeached if he invalidated the debt ceiling based on the 14th amendment, says Rep. Tim Scott (R-S.C.) Talk about a poker player with a 'tell.' Might as well lay the cards on the table.

It's all about impeachment and all about finding some flimsy excuse or forcing the president into a position where they will impeach him if he does and impeach him if he doesn't. No more revolting, I guess than impeaching one for asking his secretary not to tell his wife he was having an affair. Talk about insurrection and rebellion! No sooner did we lose the Cold War gravy train then we embarked on the Cold Secession.

President Clinton of course told us recently that he wouldn't hesitate to use the 14th to raise the debt ceiling and "force the courts to stop me." You'll remember of course the attempts to impeach him on any pretext and how the talk of the "failure of the Clinton Presidency" preceded the Clinton Presidency and how he would certainly be a one term president and how his tax policies would bankrupt the economy. They hope you won't remember, of course because we're hearing the same damned bullshit again.
"I think the Constitution is clear and I think this idea that the Congress gets to vote twice on whether to pay for [expenditures] it has appropriated is crazy.”
said Bill Clinton to The National Memo last week. No wonder slimy things like the Newt are challenging the constitutional basis for even having a Supreme Court.

Meanwhile that 3% extra tax cut I get on anything I earn over $250,000 is going to prompt me to create jobs for those struggling people now paying for the longest, most expensive wars in American history while losing their houses, jobs, medical insurance waiting for the Voodoo to kick in and save us all -- and all will be fine just in time for a Tea Party president. I can feel it in my bones.

Thursday, July 21, 2011

Ex Nehil Nehilo Fit

George Packer writing in the New Yorker about the debt ceiling crisis and the ever more strained fault line running through Washington, reminds us of a quote usually attributed to Vladimir Lenin: "the worse, the better."

I rather think Lenin himself was quoting Georgi Plekhanov, when he wrote his essay Three Crises in 1917, but whatever the source and however Lenin used it, I tend to agree with Mr. Packer that we're looking at a planned destruction of our economy to serve a revolutionary cause that in some ways; in it's ideological blindness to practical consequences, looks so much like the Bolsheviks, it might cause liquid irony to condense into caustic clouds and rain down upon us.

Indeed the worse this manufactured crisis becomes, the more likely it is, at least in the minds of the radical right, to destroy the prospects of Obama and the Democrats as well as our national prospects, leaving the Tea Party, like roaches after a nuclear war, in charge of a withered State sure to become a wildly prosperous unregulated utopia. It seems a fatuous dream of course, to anyone who has read even a little about the aftermath of the 1918 revolution, but if you've read this far I shouldn't have to point it out. Out of a power vacuum, power comes.

Packer quotes Max Weber, writing only only two years later with regard to “the ethic of responsibility” versus “the ethic of ultimate ends” and it seems that little has changed in the course of human events since then -- at least in American events. The distinction
"between those who act from a sense of practical consequence and those who act from higher conviction, regardless of consequences."

describes our current struggle; unser Kampf, if you will.
" These ethics are tragically opposed, but the true calling of politics requires a union of the two."
Is there any doubt about into which group the "tax cuts and deregulation produce prosperity" and "the government is always the problem" people fall? Discussion of practical consequences can't be heard through the roar.

Such a political union is less foreseeable I think, than at any time in American History that I can call to mind and a complete rupture or a complete capitulation of the "ultimate responsibility" forces to the anarchists and nihilists may be the only possible outcome. Ex nihilo, nehil fit: out of nothing, nothing comes, no longer is supported by science, but in the world of governments and power and people, things are different -- and après ça, le déluge, of course.