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there is no spending problem (4.00 / 1)

There's only one place in the budget where you can realistically talk about cutting trillions--defense spending. It's no surprise why Republicans aren't bringing that one up.

But, back to the entire premise of your diary. Can you explain exactly what the "debt crisis" is? What exactly is going to happen when?

If the financial markets thought there was any potential whatsoever for US government debt problems, wouldn't long-term interest rates be 2x-3x higher than they are today?

There is no spending problem. This is all a manufactured crisis by Republicans--aided and abetted by conservative Democrats--to further rob the poor and feed the rich.

We have a jobs and revenue problem--not a spending problem.

10% of the US is unemployed and another 10% are working less hours than they want. Put those folks to work and government revenues will soar. That's worth a trillion in the next 10 years.

When was the last time that tax rates were this low for the wealthy? Let's return to Ronald Reagan era rates. There's another trillion in the next 10 years.

No, if you insist on spending cuts, let's bring our troops home from Afghanistan and Iraq. Cancel all of the weapons programs recommended for canceling. Voila, yet another trillion.

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by: Clem Guttata @ Mon Feb 21, 2011 at 13:00:42 PM UTC

Republicans have no credibility (4.00 / 1)

The deficits shrank under President Clinton and ballooned under President George W. Bush and Republicans didn't say a word about it then.

Here's Dick Cheney on deficits:

Former Treasury Secretary Paul O'Neill was told "deficits don't matter" when he warned of a looming fiscal crisis.

O'Neill, fired in a shakeup of Bush's economic team in December 2002, raised objections to a new round of tax cuts and said the president balked at his more aggressive plan to combat corporate crime after a string of accounting scandals because of opposition from "the corporate crowd," a key constituency.

O'Neill said he tried to warn Vice President Dick Cheney that growing budget deficits-expected to top $500 billion this fiscal year alone-posed a threat to the economy. Cheney cut him off. "You know, Paul, Reagan proved deficits don't matter," he said, according to excerpts. Cheney continued: "We won the midterms (congressional elections). This is our due." A month later, Cheney told the Treasury secretary he was fired.

The vice president's office had no immediate comment, but John Snow, who replaced O'Neill, insisted that deficits "do matter" to the administration.

If you really cared about deficits, you'd be insisting the tax rate go back to the level that were approved by President Reagan.

When a man embarks upon a crime, he is morally guilty of any other crime which may spring from it. Sherlock Holmes.

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by: Carnacki @ Mon Feb 21, 2011 at 14:13:42 PM UTC

Phoner (4.00 / 1)

Welcome to the site though.

When a man embarks upon a crime, he is morally guilty of any other crime which may spring from it. Sherlock Holmes.

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by: Carnacki @ Mon Feb 21, 2011 at 14:18:58 PM UTC

Republicans (4.00 / 1)

As usual, [http://www.theonion.com/articles/embarrassed-republicans-admit-theyve-been-thinking,19248/ The Onion nails it:
]

Following his discovery, Priebus directed RNC staffers to inform top Republicans of the error and explain that it was Eisenhower, not Reagan, who carefully managed the nation's prosperity, warned citizens of the military-industrial complex's growing influence, and led the country with a mix of firm resolve and humble compassion.

"Wait, you're telling me Reagan advocated that trickle-down nonsense that was debunked years ago? That was Reagan?" Sen. John Thune (R-SD) said upon hearing of the mistake. "I can't believe I've been calling for a return to Reagan's America. I feel like an asshole."

According to sources, millions of younger Republicans have spent most of their lives viewing Reagan a stalwart of conservative principles, and many were "horrified" to learn that the former president illegally sold weapons to Iran, declared amnesty for 2.9 million illegal immigrants, costarred in a movie with a chimpanzee, funneled aid to Islamic militants in Afghanistan, and suffered from severe mental problems.

In the wake of the GOP's revelation, Congress has passed bills to rename Reagan National Airport and the USS Ronald Reagan aircraft carrier in honor of Eisenhower. A number of potential 2012 Republican presidential contenders have also rushed to reframe their agendas in terms of "Eisenhower ideals" while distancing themselves from Reagan.

"It's absolutely mortifying to suddenly realize that the man you had long credited as a champion of fiscal conservatism actually tripled the national debt and signed the largest peacetime tax hike in U.S. history," said former House Speaker Newt Gingrich, adding that he was ashamed to learn that the man he once called his hero stood by silently while the AIDS epidemic exploded. "Frankly, I can't even believe that fucker had the balls to call himself a conservative."

It's easy to poke fun at Republican calls for fiscal conservatism when Republicans have always run up huge deficits when in power.

Clem is right. There is no deficit crisis or interest rates would be soaring. There's a jobs and revenue problem. Roll back the tax cuts to the Clinton levels when the economy was growing and he left a surplus for Bush to squander on unnecessary wars and spending.

Republicans are losing the framing on this because their ideas for cutting programs suck.

When a man embarks upon a crime, he is morally guilty of any other crime which may spring from it. Sherlock Holmes.

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by: Carnacki @ Mon Feb 21, 2011 at 14:50:29 PM UTC