I was never worried Congress passing a debt ceiling bill before the Tuesday deadline, I only worried what it was going to cost the working class which I felt would get the shaft.
I was right on both counts. Instead of biting the bullet like the president wanted and not only cut expenses which they did, but close the loop-holes which allow the wealthy and corporations pay little to nothing in fair taxes.
Call me a dumb Liberal, but I believe those who have more should pay more; when I sold my shopping strip my wife and me paid our whopping capital gains and went on. My bride was only unhappy when they cut her social security check the following year because we had made too much money from the sale. That was always good for a laugh when brought up in conversation.
Back to the ranch; the Democrats wanted to raise the debt limit but close loop-holes and raise taxes on the wealthy and corporations. And don’t tell me this scares them to go overseas; it’s the cost of labor and insurance driving them out of this country.
The Republicans wanted raise the debt limit so we could borrow more, cut social programs and no taxes whatsoever. They won, the Democrats caved and we got screwed. You think not.
Another winner will be the stock market. Corporations should be jumping with joy with no new taxes, and the investors will be putting more into the market.
Although the market is down today because a few companies didn’t meet their earning projection, that too will pass, and it will be full speed ahead.
Well if we are borrowing more money, paying more interest and principle and there is no tax increase for those who can afford to pay more, where does the burden of this new debt fall upon?
Now the carrot in all of this what politicians do when they want to put off doing what should be done; they are naming a special bi-partisan committee later this year to recommend the bulk of the deficit reductions. Both parties have proposed drumming up a committee of 12 legislators-handpicked by both parties-to deal with the most complicated issues involved in a likely debt-ceiling compromise.
It will be up to this ‘super committee’ to complete the epic task of cutting more than $1 trillion in spending from the federal budget. Sounds simple enough? But similar super working groups according to historians haven’t always delivered super results.
Former Rep. Mike Castle, R-DE wonders, when the pressure’s off if commissions like this can actually work. Castle worked on a Clinton-era commission that, after 10 months failed to agree on a plan to overhaul large federal benefit programs. “My sense is that you’ve got to strike while the iron is hot,” said Castle.
And I agree this is just a delay tactic to get the soft minded Americans relaxed and allow the no tax increase argument die a slow death….again.