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Hullabaloo: No matter what Obama does, Republicans won't care and won't fold
"We are in uncharted waters, an era unprecedented since the Civil War in which one side is willing to let the country burn down in order to achieve its goals. Californians already know this well, having been forced into perpetual fiscal crises by a bare 1/3 Republican remnant in each chamber. Even as Republicans continued to slowly lose ground and seats, the vast majority of the caucus remained entrenched, fearing only opposition from the right. They were more than happy to let the Democratic-controlled state slip into chaos in order to get their way. California Democrats were left in the ugly position of making a series of Sophie's Choices, determining only which children to shoot to appease the tiny Republican minority. In an era of perpetual and consequence-free hostage taking, the only calculation that matters is which hostages to save and which ones to shoot.

Changing that equation doesn't involve intimidating Republicans or opening the eyes of their constituents.They're not…"
debtceiling  debtcrisis  barackobama  republicans  taxes  government  economics  politics  fiscalcliff  california  2013  davidatkins  from delicious
january 2013 by robertogreco
The Obama Memos // New Yorker
"It presented Obama with a common Presidential dilemma: Should he use the White House bully pulpit to change minds or should he accept popular opinion? He chose the latter. In his speeches, he began saying, 'Americans are making hard choices in their budgets. We’ve got to tighten our belts in Washington, as well.' Romer fought to get such lines removed from his speeches, arguing that it was 'exactly the wrong policy.' She thought the President should emphasize that the government would seek to use taxpayer money wisely, and leave it at that. Instead, he seemed to be accepting the Republican case against stimulus and for austerity. She thought he was losing faith in Keynesianism itself."
barackobama  politics  us  healthcare  debtcrisis  economy 
january 2012 by cianoday
Nobody Understands Debt // New York Times
"This misplaced focus said a lot about our political culture, in particular about how disconnected Congress is from the suffering of ordinary Americans. But it also revealed something else: when people in D.C. talk about deficits and debt, by and large they have no idea what they’re talking about — and the people who talk the most understand the least."
economy  politics  debtcrisis 
january 2012 by cianoday
Debt and Dumb // Vanity Fair
"Hamilton’s conclusion was simple: You cannot run a prosperous and secure independent country without the ability to finance the sudden surge in spending called for by a national emergency—which requires borrowing large amounts of money quickly."
debtcrisis  politics  us  history  fiscalpolicy 
december 2011 by cianoday
Origins of the Crisis // n+1
"The legislative standoff that has gripped Congress is not, strictly speaking, a debt crisis. The question is not whether the US can pay its debts but whether it will choose to do so. If the country were truly in a debt crisis, its creditors long ago would have ceased to be so numerous and so willing. The fact that interest rates on US debt have remained lodged at historic lows indicates the opposite, that the market for US notes, bills, and securities has never been stronger. In spurning this market, or threatening to, Congress has appeared unable to reconcile the national reality with the role the dollar plays in the international economy. While the situation in Greece is simply the sort of good old-fashioned sovereign debt crisis that the developed world regularly inflicts on its periphery for fun and profit, what is emerging in the US is a much more serious question of hegemony."
us  politics  debtcrisis 
december 2011 by cianoday

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