Reactions to "the deal"
Paul Krugman says "The President Surrenders."
The CEO of the world's largest bond fund agrees:
Robert Reich calls it "Ransom Paid."
Grover Norquist likes it:
The Wall Street Journal calls it "A Tea Party Triumph."
The Washington Post asks, "Did Obama capitulate -- or is this a cagey move?" I vote for capitulate, but the president's advisers see it as great strategery:
Don't bet on that, writes Steve M. at No More Mister Nice Blog:
The president's team, never ones to bypass an opportunity to take a shot at Democrats, did so:
The New York Times editorial page on the options facing Democrats:
Based on history, my guess is that the swallowing will happen, not so much the fighting.
Paul Krugman says "The President Surrenders."
"...[T]he deal itself, given the available information, is a disaster, and not just for President Obama and his party. It will damage an already depressed economy; it will probably make America's long-run deficit problem worse, not better; and most important, by demonstrating that raw extortion works and carries no political cost, it will take America a long way down the road to banana-republic status.
We currently have a deeply depressed economy. We will almost certainly continue to have a depressed economy all through next year. And we will probably have a depressed economy through 2013 as well, if not beyond...The worst thing you can do in these circumstances is slash government spending, since that will depress the economy even further."
The CEO of the world's largest bond fund agrees:
"Unemployment will be higher than it would have been otherwise," Mohamed El-Erian, chief executive of the bond investment firm Pimco, said Sunday on ABC. "Growth will be lower than it would be otherwise. And inequality will be worse than it would be otherwise."
He added, "We have a very weak economy, so withdrawing more spending at this stage will make it even weaker."
Robert Reich calls it "Ransom Paid."
"Anyone who characterizes the deal between the President, Democratic, and Republican leaders as a victory for the American people over partisanship understands neither economics nor politics.
The deal does not raise taxes on America's wealthy and most fortunate -- who are now taking home a larger share of total income and wealth, and whose tax rates are already lower than they have been, in eighty years. Yet it puts the nation's most important safety nets and public investments on the chopping block.
It also hobbles the capacity of the government to respond to the jobs and growth crisis. Added to the cuts already underway by state and local governments, the deal's spending cuts increase the odds of a double-dip recession. And the deal strengthens the political hand of the radical right.
Grover Norquist likes it:
"Grover Norquist, president of Americans for Tax Reform and the creator of the no-new-taxes pledge signed by most Republicans, was ebullient Sunday at the substance and political implications for the deal."
The Wall Street Journal calls it "A Tea Party Triumph."
The Washington Post asks, "Did Obama capitulate -- or is this a cagey move?" I vote for capitulate, but the president's advisers see it as great strategery:
"An administration official told reporters later that "it's important to show the American people we are serious about deficit reduction." Even an apparent capitulation by Obama helps present him to voters as a reasonable compromiser doing battle against rigid ideologues, his aides say.
...A White House official argued Sunday that the president had another trump card to play: the scheduled expiration of the George W. Bush tax cuts at the end of 2012."
Don't bet on that, writes Steve M. at No More Mister Nice Blog:
"He's going to back down. We're never going to get a penny of revenue from the wealthy because Republicans will go for the triggers in the debt deal every time rather than accept a cent in taxation, even on billionaires, if it's proposed by the bipartisan commission, and then, unless we get tax reform -- which, to the shock of all Serious People will somehow preserve a lot of loopholes for richies even as it screws the middle class again -- the Bush tax cuts will be renewed again. Bank on it."
The president's team, never ones to bypass an opportunity to take a shot at Democrats, did so:
"Senior White House officials said they were hopeful that Congressional leaders from both sides would manage to sell the deal to their parties. While "there are some Democrats who simply don't believe in the necessity of deficit reduction," one administration official said, "most do. I think it's important as a party to show Americans that we're serious about deficit reduction."
The New York Times editorial page on the options facing Democrats:
"It is not yet set in stone, and there may still be time to make it better. But in the end, most Democrats will have no choice but to swallow their fury, accept the deal and, we hope, fight harder the next time."
Based on history, my guess is that the swallowing will happen, not so much the fighting.
Makes you wonder how much bird shit has to fall on SOME people before they quit standing under the tree.
I'll get the heavy stuff if you wrap the glasses and dishes.
loma, I would imagine that he'll end up being viewed as the 21st century Jimmy Carter, and we'll end up with the next Reagan who will increase the demise exponentially with more trickle down, and you know we're always at the bottom of that $#!t pile.
I am now convinced that President Obama's legacy will be that, despite all odds, he will have re-educated the American public about the workings and responsibilities of democracy. The cost of that re-education will be severe up front, but will lead to a more responsible society in the end. That is really our one last hope of survival anyway, and he knows it.
The blame will be placed squarely where it belongs for failure if it comes for our Nation, and it will be "We, The People" holding the bag - as it should be.
Truthfully, I am beginning to feel like packing his bags for him.
It's hard for me to believe this is the same country I grew up in. I think Obama has all but guaranteed that he'll be moving back to Illinois come January '13.
Oh, I think the swallowing has occurred. I think the gonads of the Dems have been totally swallowed by the Rethugs.
And, of course, the American people will suffer from amnesia once again in the 2012 elections.
P.A.T.H.E.T.I.C. how we just keep taking it up the hind end.