Tag: Politics

Punting the Pundits

“Punting the Pundits” is an Open Thread. It is a selection of editorials and opinions from around the news medium and the internet blogs. The intent is to provide a forum for your reactions and opinions, not just to the opinions presented, but to what ever you find important.

Thanks to ek hornbeck, click on the link and you can access all the past “Punting the Pundits”.

Richard Wolff: The S&P Downgrade of US Debt: What it Means

Much verbiage is piling up on this issue. Yet, it matters little that the two other giant rating agencies did not downgrade US debt as S&P did. It is likewise unimportant that all those agencies deserve the bad reputations won when their over-rating of securities burst in the collapse of 2007 and took an already unbalanced economy into deep recession. Nor does the downgrade impose major cash costs anytime soon.

The S&P downgrade is important because it clarifies and underscores two key dimensions of today’s economic reality that most commentators have ignored or downplayed. The first dimension concerns exactly why the US national debt is rising fast. There are three major reasons for this: (1) major tax cuts especially on corporations and the rich since the 1970s and especially since 2000 have reduced revenues flowing into Washington, (2) costly global wars especially since 2000 have increased government spending dramatically, and (3) costly bailouts of dysfunctional banks, insurance companies, large corporations and the economic system generally since 2007 have likewise sharply expanded government spending. With less tax revenue coming in from corporations and the rich and more spending on defense/wars and bailouts, the government had to borrow the difference. Duh!

Robert Reich: Why S.& P. Has No Business Downgrading the US

Standard & Poor’s downgrade of America’s debt couldn’t come at a worse time. The result is likely to be higher borrowing costs for the government at all levels, and higher interest on your variable-rate mortgage, your auto loan, your credit card loans, and every other penny you borrow.

Why did S&P do it?

snip

S&P has downgraded the U.S. because it doesn’t think we’re on track to reduce the nation’s debt enough to satisfy S&P – and we’re not doing it in a way S&P prefers.

Jon Walker: White House’s Scooby Doo Villain Perspective on Politics

The Obama administration has a strange habit of inappropriately blaming the unpopularity of their actions on the fact that a few progressive writers didn’t do enough to sell the public on the good aspects of their deal.

It would seem the White House is basically taking the perspective of a Scooby Doo villain in concluding why their brilliant plans fail. Hanging upside down in a comically oversize net with their rubber monster mask removed they yell, “we would have gotten away with it, too, if it hadn’t been for you meddling progressive bloggers!”

Thom Hartmann: Mainstream Media Ignores S&P Attack On Republicans

Have you seen, anywhere, in any media, or even heard reported or repeated on NPR, the following sentence? “We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act.”

It’s right there on Page 4 of the official Standard & Poors “Research Update” – the actual report on what they did and why – published on August 5th as the explanation for why they believe Congress – and even the Gang of Twelve – will be unable to actually deal with the US debt crisis.

Perhaps it’s just lazy – the bullet points at the beginning of the report don’t mention the Republicans or taxes, but instead just say, for example (part of one of six quick bullet-points): “[T]he downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges…”

Jeff Goodell: An Environmental Upside to the Horrible Debt Deal?

With the debt-ceiling deal done, the details of who feels the most pain from the next ($1.6 trillion) round of cuts will be left up to a 12-person congressional “supercommittee,” to be formed in the coming weeks. But you can bet that funding for dramatic action on climate change and toxic mercury pollution is not going to win out over funding for bedpans and missiles.

In fact, as others have pointed out, cutting trillions out of the federal budget is likely to mean massive cutbacks in the regulatory arm at the EPA, the gutting of clean-energy funding at the Department of Energy, and goodbye to any hopes of infrastructure spending for little projects like, say, a 21st-Century electricity transmission grid.  Erich Pica, head of Friends of the Earth, pretty much summed it up: “The draconian cuts passed are likely to mean more people out of work, more people drinking poisoned water and breathing polluted air, and a slower transition to a clean energy economy.”

All true.  But maybe there’s an upside, too.  

Jim Hightower: America’s Real Job Creators Are Broke

Despite the GOP’s ideological claptrap about corporate executives being “job creators,” it’s ordinary Americans who actually create jobs.

You see, despite the GOP’s ideological claptrap about corporate executives being “job creators,” it’s ordinary Americans who actually create jobs by spending from their paychecks. This is why our obtuse policymakers need to quit pampering the rich and fussing over budgets.

Instead, they should launch a national, FDR-style jobs program that will immediately increase paychecks, perk up consumer spending, and generate grassroots economic growth.

Ray McGovern: They Died in Vain; Deal With It

Many of those preaching at American church services Sunday extolled as “heroes” the 30 American and 8 Afghan troops killed Saturday west of Kabul, when a helicopter on a night mission crashed, apparently after taking fire from Taliban forces.  This week, the Fawning Corporate Media (FCM) can be expected to beat a steady drumbeat of “they shall not have died in vain.”

But they did.  I know it is a hard truth, but they did die in vain.

As in the past, churches across the country will keep praising the fallen troops for protecting “our way of life,” and few can demur, given the tragic circumstances.

But, sadly, such accolades are, at best, misguided – at worst, dishonest.  Most preachers do not have a clue as to what U.S. forces are doing in Afghanistan and why.  Many prefer not to think about it.  There are some who do know better, but virtually all in that category eventually opt to punt.

Should we fault the preachers as they reach for words designed to give comfort to those in their congregations mourning the deaths of so many young troops?  As hard as it might seem, I believe we can do no other than fault – and confront – them.  However well meaning their intentions, their negligence and timidity in confronting basic war issues merely help to perpetuate unnecessary killing.  It is high time to hold preachers accountable.

Punting the Pundits: Sunday Preview Edition

Punting the Punditsis an Open Thread. It is a selection of editorials and opinions from around the news medium and the internet blogs. The intent is to provide a forum for your reactions and opinions, not just to the opinions presented, but to what ever you find important.

Thanks to ek hornbeck, click on the link and you can access all the past “Punting the Pundits”.

The Sunday Talking Heads:

This Week with Christiane Amanpour: Sunday on “This Week,” Christiane Amanpour speaks with Standard & Poor’s Managing Director John Chambers, who serves as chair of S&P’s Sovereign Rating Committee, Maryland Governor Martin O’Malley, chair of the Democratic Governors Association, and Senator Jeff Sessions (R-AL), ranking member of the Senate Budget Committee and an exclusive interview with Ambassador Robert Ford, only on “This Week.”

The roundtable guests are ABC’s George Will and Cokie Roberts, as well as Steve Rattner, former Counselor to the Treasury Secretary and Lead Auto Advisor, Tea Party member Rep. Jason Chaffetz (R-UT), who voted against this week’s debt ceiling increase, and Ariel Investment president Mellody Hobson.

A special interview with Gloria Steinem.

Face the Nation with Bob Schieffer: The guests are David Axelrod, Obama campaign strategist and fmr. White House Advisor, Sen. Lindsey Graham (R-SC), and fmr. Democratic presidential candidate, Gov. Howard Dean

The Chris Matthews Show: Guests this week Dan Rather, HDNet Global Correspondent, Gloria Borger, CNN Senior Political Analyst, Rana Foroohar, TIME Magazine Assistant Managing Editor and Andrew Ross Sorkin, New York Times Wall Street Reporter who will discuss these topics:

Wall Street is the latest name for Obama’s pain and the 24/7 media universe: already fired up to fight that super committee!

Meet the Press with David Gregory: Sunday’s guests are John Kerry (D-MA) and John McCain (R-AZ).

The round table guests are former Chairman of the Federal Reserve, Dr. Alan Greenspan,  outgoing White House Economic Adviser, Austan Goolsbee,  MSNBC’s Rachel Maddow, and Republican strategist, Alex Castellanos.  

This might be a reason to turn on the TV

State of the Union with Candy Crowley: Steve Forbes, the CEO of Forbes Incorporated and Pres. Obama’s former top economic adviser, Larry Summers are the first guests, then California Gov. Jerry Brown in his first national interview since his election last year. Former White House communications director Anita Dunn and former Republican congressman Tom Davis discuss the debt ceiling debacle. Vice Adm. Mike McConnell, former director of national intelligence gives his perspective on the brutal violence taking place inside Syria and alleged cyber attacks emanating from China.

Fareed Zakaris: GPS: Guests are Arianna Huffington, TIME’s Joe Klein and Sharif el-Gamal, the realestate developer behind Park 51, the so-called, “Ground Zero Maosque”.

Glen Ford: Ruin-Nation: The Obama Catastrophe

Barack Obama finally got the grand, bipartisan consensus he’s been working towards for two and a half years. His implacable, deep-seated hostility to the left half of the Democratic Party (“retarded,” said his boy, Rahm Emanuel) – which includes most of the Congressional Black Caucus – transformed a 2008 popular mandate for progressive change into its opposite: a de facto center-right governing coalition of Republicans, rightwing Democrats and Obama’s Executive Branch arrayed against roughly half the Democrats (on a very good day) in the House of Representatives, plus a handful of liberal Senators.

Obama’s unrelenting hostility to “entitlements,” which he vowed to put “on the table” for cutting two weeks before taking the oath of office in January, 2009, came to fruition this week, setting in motion a rolling implosion of Roosevelt’s New Deal and Johnson’s Great Society. It is a monumental catastrophe, worthy of a Mt. Rushmore in reverse (say, deep in a guano-filled bat cave). History will, without doubt, lay this ruin of a nation at the doorstep of Obama, the corporate Democratic Trojan Horse whose complexional characteristics neutered, neutralized or outright made insane the bulk of Black America and most of those whites that pass as “progressives.”

Bruce Dixon: Barack Obama and the Debt Crisis: a Successful Con Game Explained

What just happened? Did Barack Obama just save the world, and us from a looming debt catastrophe? Or has he just played good cop to the Republican bad cop in an elaborate hoax staged to circumvent the will of the American people and deal mortal blows to Medicaid, Medicare and Social Security?

The phony debt ceiling crisis was, from beginning to end, a con. It was an elaborate and successful hoax in which the nation’s first black president, the Democratic and Republican parties, Wall Street and corporate media all played indispensable parts. The object of the supposed “crisis” was to short circuit public opinion, existing law, democratic process and traditions of public oversight, in order to deal fatal blows to Medicaid, Medicare, social security, job growth and public expenditures for the common good. It worked. We’ve been conned.

David Dayen: Balanced Budget Amendments Don’t Work: Look at State and Local Gov’t Stats

Republicans are barnstorming across the country in support of a balanced budget amendment. This, they say, will force government to “live within its means” and lead to surging economic growth, though I’m not really sure how they get from A to B. But we don’t really have to guess about the impact of a balanced budget amendment, particularly during recessions. Because we’re seeing the effects right now.

Since the technical end of the recession in July 2009, the public sector has 430,000 less jobs (pdf).

   Government employment is now 1.9 percent lower than it was at the start of the recovery, a drop of 430,000 jobs. In contrast, government employment rose by 1.1 percent (or 232,000 jobs) during the equivalent part of the last recovery.

In a testament to how weak the last recovery was, private sector hiring is actually better in this recovery. But the government employment cutbacks counteract it.

As we know, state and local governments cannot print money and are limited by statute in their ability to run deficits. So instead of borrowing in a recession when faced with a budget shortfall, they raise taxes or cut spending. Increasingly during this recession, they opted for the latter. As a result, we are seeing a catastrophe in public sector jobs. These are teachers, nurses, sanitation engineers, cops, firefighters, all being put on the street because state and local governments have to balance their budgets. And while the federal government provided some aid in the stimulus package to help states and localities manage, that has mostly faded away. So more cuts are in the offing.

Michael Winship: The New Era of Hostage Politics

When I arrived in Washington this past Sunday, just as the debt ceiling crisis was approaching its climax, all the flags surrounding the capital’s Union Station stood at half-mast. I blackly joked with my brother and sister-in-law that maybe they’d been lowered to mark the death of the New Deal. (In fact, they honored the recent passing of former Joint Chiefs of Staff Chairman John Shalikashvili.)

As for those throngs of sightseers, defying the malarial heat and clogging the DC streets and sidewalks? I imagined them engaged in that phenomenon known as “last chance tourism” — getting to a location before it disappears, like the melting glaciers of the Rockies.

But my bleakest fantasies aside, Washington and America still stand, although the shining city on a hill Ronald Reagan liked to extol has been graffitied with the intemperate sloganeering and mudslings of Tea Partiers and others of the right who believe the best government is none at all, and selfishly would have those in need huddle, jobless and hungry, in the dark. (What’s the old joke: how many laissez-faire economists does it take to screw in a lightbulb? None — the market will take care of it.)

Like so many progressives, I tried, really tried to find a silver lining in the deal that finally was brokered, much as one occasionally hears news reports on the “upside” of global warming. (Wider shipping lanes in the Arctic — hooray!) Programs for the poor seem to be protected, for now. Medicare cuts allegedly don’t affect beneficiary payments. The Bush tax cuts for the wealthy still expire in 2013! (I’ll believe it when I see it.)

Punting the Pundits

“Punting the Pundits” is an Open Thread. It is a selection of editorials and opinions from around the news medium and the internet blogs. The intent is to provide a forum for your reactions and opinions, not just to the opinions presented, but to what ever you find important.

Thanks to ek hornbeck, click on the link and you can access all the past “Punting the Pundits”.

Click on images to enlarge

Michael Moore: 30 Years Ago: The Day the Middle Class Died

From time to time, someone under 30 will ask me, “When did this all begin, America’s downward slide?” They say they’ve heard of a time when working people could raise a family and send the kids to college on just one parent’s income (and that college in states like California and New York was almost free). That anyone who wanted a decent paying job could get one. That people only worked five days a week, eight hours a day, got the whole weekend off and had a paid vacation every summer. That many jobs were union jobs, from baggers at the grocery store to the guy painting your house, and this meant that no matter how “lowly” your job was you had guarantees of a pension, occasional raises, health insurance and someone to stick up for you if you were unfairly treated.

Young people have heard of this mythical time — but it was no myth, it was real. And when they ask, “When did this all end?”, I say, “It ended on this day: August 5th, 1981.”

Beginning on this date, 30 years ago, Big Business and the Right Wing decided to “go for it” — to see if they could actually destroy the middle class so that they could become richer themselves.

And they’ve succeeded.

Noam Chomsky: America in Decline

“It is a common theme” that the United States, which “only a few years ago was hailed to stride the world as a colossus with unparalleled power and unmatched appeal is in decline, ominously facing the prospect of its final decay,” Giacomo Chiozza writes in the current Political Science Quarterly.

The theme is indeed widely believed. And with some reason, though a number of qualifications are in order. To start with, the decline has proceeded since the high point of U.S. power after World War II, and the remarkable triumphalism of the post-Gulf War ’90s was mostly self-delusion.

Another common theme, at least among those who are not willfully blind, is that American decline is in no small measure self-inflicted. The comic opera in Washington this summer, which disgusts the country and bewilders the world, may have no analogue in the annals of parliamentary democracy.

Richard (RJ) Eskow: Is Wisconsin Ground Zero for the “American Spring” or a Third Party?

People watching the news over the past week might have thought that Congress was the only place where battles for our future were being won and lost. That’s wrong. There are other battles, better battles, battles far from the glare of the Beltway spotlights. And more are on their way.

So forget Washington for a minute. (If you feel like I do right now, that’ll be a pleasure.) If you want to see where the next wave of corporate-sponsored political attacks is being launched, look to New Orleans. And if you want a shot of optimism, a ray of light, a sign that battles can be won against overwhelming odds, turn your eyes toward Wisconsin.

John Nichols: Wasn’t the Debt-Ceiling Deal Supposed to Avert a 512-Point Dow Collapse?

You see, President Obama had to surrender to the Tea Party Republicans on every major issue in order to get the debt ceiling deal.

If the president had not agrees to massive cuts, the establishment of a structure that could undermine Medicare and and an approach to future economic debates that virtually assure that the United States government will have neither the ability nor the will to stimulate job creation, he could not have gotten a deal.

And if Obama had not gotten the debt ceiling deal, the markets would have tanked. That was the calculus at the White House, and among the Democrats who made the mistake of backing Obama as he veered far to the right in the debt ceiling negotiations.

Unfortunately, it was wrong. Not just morally wrong. Not just politically wrong. Not just economically wrong. It was wrong with regard to the cherished markets.

Robert Naiman: A Historic Opportunity to Cut Military Spending

The agreement in Washington to raise the debt ceiling in exchange for spending cuts has made a lot of people very unhappy. But the agreement had one important positive aspect: it created a historic opportunity for significant cuts in projected military spending.

Under the agreement, a joint House-Senate committee is supposed to propose, by Thanksgiving, $1.5 trillion of debt reduction (expenditures less revenues) over ten years. Significant cuts in projected military spending are on the table. Indeed, if the joint committee doesn’t agree on a plan or Congress doesn’t enact it, $1.2 trillion in cuts in projected spending over 10 years will be triggered, of which half must come from the military.

If the military cuts in the trigger mechanism take place, when added to the projected military cuts announced by the White House as part of this week’s deal, total cuts in projected military spending would amount to $884 billion. This is very close to the $886 billion in military cuts agreed by the plan of the Senate’s “Gang of Six,” a plan endorsed by President Obama. It’s in the ballpark of – but less than – the $960 billion in proposed military cuts of the Frank-Paul Sustainable Defense Task Force, the trillion dollars in proposed military cuts of the report of President’s deficit commission, the $1.1 trillion reduction in projected military spending proposed by the Domenici-Rivlin task force, and the $1.2 trillion in military cuts recommended by the Cato Institute. Conservative Republican Senator Tom Coburn says cutting the projected military budget by a trillion dollars over ten years is “not hard” and is “common sense.”

In other words: cutting projected military spending by a trillion dollars over the next ten years has become politically plausible.

Jill Richardson: ALEC Exposed: Protecting Factory Farms and Sewage Sludge?

As suburbs engulfed the rural landscape in the boom following World War II, many family farmers found themselves with new neighbors who were annoyed by the sound of crowing roosters, the smell of animal manure, or the rumble of farming equipment. In defense of family farming, Massachusetts passed the first “Right to Farm” law in 1979, to protect these farmers against their new suburban neighbors filing illegitimate nuisance lawsuits against them when, in fact, the farms were there first. Since then, every state has passed some kind of protection for family farms, which are pillars of our communities and the backbone of a sensible system of sustainable agriculture.

However, in the past few decades, intensive corporatization of farming has threatened both the future of family farming and the ability of neighbors to regulate the development of industrial agricultural operations that have transmogrified many farms into factories. Small-scale farms that resembled Old MacDonald’s farm (with an oink oink here and a moo moo there) have increasingly disappeared or been turned into enormous livestock confinements with literal lagoons of liquified manure and urine, super-concentrated smells that could make a skunk faint, or vast fields of monoculture crops grown with a myriad of chemicals and pesticides and sometimes even sewage sludge. For example, the decade before the first right to farm law was passed, it took one million family farms to raise nearly 60 million pigs but by 2001, less than ten percent (80,000 farms) were growing the same number of pigs.

Ray McGovern: Obama on the Backs of the Poor

What are we to make of the Obama-brokered deal on debt and spending? It was certainly what the Germans call eine schwere Geburt (a difficult birth); it was one of the few times I would have favored abortion.

I am reminded of a sermon that Dr. Martin Luther King Jr. gave during the turbulent 1950s, in which he peered into the future and issued a prescient warning:

“A nation or a civilization that continues to produce soft-minded men purchases its own spiritual death on an installment plan.”

In promoting and then signing the so-called “deficit reduction” legislation, President Barack Obama has definitively confirmed that he stands in the ranks of those spiritual-death-dealing, “soft-minded” men about whom Dr. King warned so ominously.

Charles M. Blow: The Decade of Lost Children

One of the greatest casualties of the great recession may well be a decade of lost children.

According to “The State of America’s Children 2011,” a report issued last month by the Children’s Defense Fund, the impact of the recession on children’s well-being has been catastrophic.

snip

We risk the creation of an engorged generational underclass born of a culture that has less income equality and fewer prospects for mobility than the previous generation.

It’s hard to see how we emerge from this downturn and its tumult a stronger nation if we allow vast swatches of our children to be lost. My fear is that we may not.

Countdown with Keith Olbermann

If you do not get Current TV you can watch Keith here:

Watch live video from CURRENT TV LIVE Countdown Olbermann on www.justin.tv

Congress and Obama Ignore History at Our Peril

One  of the signs of insanity is repeating the same mistake in hopes of a different outcome. Seventy five years ago, the congress and President Franklin D. Roosevelt did exactly the same thing that congress and President Barack Obama did on Wednesday with the same results.

FDR’s Recession

By the spring of 1937, production, profits, and wages had regained their 1929 levels. Unemployment remained high, but it was considerably lower than the 25% rate seen in 1933. In June 1937, some of Roosevelt’s advisors urged spending cuts to balance the budget. WPA rolls were drastically cut and PWA projects were slowed to a standstill. The American economy took a sharp downturn in mid-1937, lasting for 13 months through most of 1938. Industrial production declined almost 30 per cent and production of durable goods fell even faster.

Unemployment jumped from 14.3% in 1937 to 19.0% in 1938, rising from 5 million to more than 12 million in early 1938. Manufacturing output fell by 37% from the 1937 peak and was back to 1934 levels. Producers reduced their expenditures on durable goods, and inventories declined, but personal income was only 15% lower than it had been at the peak in 1937. In most sectors, hourly earnings continued to rise throughout the recession, which partly compensated for the reduction in the number of hours worked. As unemployment rose, consumers’ expenditures declined, leading to further cutbacks in production.

The Roosevelt Administration reacted by launching a rhetorical campaign against monopoly power, which was cast as the cause of the depression, and appointing Thurman Arnold in the anti-trust division of the U.S. Department of Justice to act, but Arnold was not effective. In February 1938, Congress passed a new AAA bill which authorized crop loans, crop insurance against natural disasters, and large subsidies to farmers who cut back production. On April 2, Roosevelt sent a new large-scale spending program to Congress, and received $3.75 billion which was split among PWA, WPA, and various relief agencies. Other appropriations raised the total to $5 billion in the spring of 1938, after which the economy recovered.

The stock market plummeted over 500 points yesterday wiping out any gains from the recovery since 2008. The market is continuing to fluctuate after rather weak jobs report. While the U-3 dropped to 9.1%, it was due mostly to workers who are no longer seeking employment or are now in the ranks of the under-employed and jobs creation was weak. So after the debt ceiling deal and the worsening European banks situation, investors lacked confidence that the US could increase productivity.

But the White House and Congress insist on sticking to their story that if they hadn’t given the hostage takers all they wanted with no jobs stimulus or revenue increases, they wouldn’t have gotten the debt deal and the markets would have crashed. As John Nichols said in The Nation, “Unfortunately, it was wrong. Not just morally wrong. Not just politically wrong. Not just economically wrong. It was wrong with regard to the cherished markets.”

Punting the Pundits

“Punting the Pundits” is an Open Thread. It is a selection of editorials and opinions from around the news medium and the internet blogs. The intent is to provide a forum for your reactions and opinions, not just to the opinions presented, but to what ever you find important.

Thanks to ek hornbeck, click on the link and you can access all the past “Punting the Pundits”.

Robert Reich: The Republican’s Double-Dip, and What Must Be Done

John Boehner said Tuesday the Republicans got “90 percent of what we wanted” from the budget deal. So presumably he and his colleagues are willing to take responsibility for some 450 points of today’s mammoth 513-point drop in the Dow Jones Industrial Average.

I’m being a bit facetious – but only a bit. It’s always dangerous to read too much into one day’s move in the stock market.

Yet the stock sell-off – not just today’s, but that of the last days – cannot be easily dismissed. It marks Wall Street’s largest losing streak since 2008.

Republicans repeatedly assured the nation that once the debt-limit deal was done – capping spending, cutting the budget deficit, and getting “90 percent” of what they wanted – the economy would bounce back.

Just the opposite seems to be happening.

Call it the Republican’s double-dip recession.

Mark Weisbrot: What Everyone Should Know About the “Debt Crisis” in the U.S.

There was never any chance that the U.S. would actually default on its debt. The whole “crisis” was manufactured from the beginning, with Republicans in the House of Representatives using a technicality to win unpopular spending cuts that they could not win at the ballot box. It worked: They got an agreement that promises large spending cuts without any tax increases on America’s rich or super-rich, who have vastly increased their share of the national income over the past three decades.

The right won because President Obama chose to collaborate with them, also seeking to take advantage of the manufactured “crisis” to implement cuts that offended and hurt the people who voted for him. Of course he also wanted to increase taxes on the rich, but because he had accepted the legitimacy of the Republicans’ extortion, he lost that too.

New York Times Editorial: End the Debt Limit

It has long been clear that the federal debt limit is far too dangerous and unstable for lawmakers to use as a political weapon. Allowing that to happen in the last few traumatic weeks created an artificial national crisis that put the economy and the savings of Americans at risk and helped produce a loss of confidence that lingered as a cause of Thursday’s stock-market plunge.

None of that, however, has stopped Republican leaders, who announced this week that they intend to repeat this explosive episode over and over, in perpetuity. With the bad memory still fresh, President Obama should quickly seize the opportunity to make clear that he will not allow it even once more, never mind permanently. Instead of raising the debt ceiling every few years, it’s time to eliminate this dangerous game once and for all.

David Sirota: The Bizarro FDR

Barack Obama is a lot of things-eloquent, dissembling, conniving, intelligent and above all, calm. But one thing he is not is weak.

This basic truth is belied by the meager Obama criticism you occasionally hear from liberal pundits and activists. They usually stipulate that the president genuinely wants to enact the progressive agenda he campaigned on, but they gently reprimand him for failing to muster the necessary personal mettle to achieve that goal. In this mythology, he is “President Pushover,” as New York Times columnist Paul Krugman recently labeled him.

This storyline is a logical fallacy. Most agree that today’s imperial presidency almost singularly determines the course of national politics. Additionally, most agree that Obama is a brilliant, Harvard-trained lawyer who understands how to wield political power.

Danny Schechter: As the Dog Days of Summer Approach, Politicians Rest Before Returning to the Fray. The Political War Will Continue

Now that the debt drama is over for the moment, we can all safely retreat in what was once called the “Dog Days Of Summer” and chill out if the volatile weather allows us to. We can think back to that old song, “Summer time and the living is easy” even as we all know that for millions “the living” is anything but.

The House and Senate have become ghost-like chambers because all its members, so filled with strident indignation and inflexible talking points just a week ago, are now off on their paid vacations hyping their political war stories to grandchildren.

Imbued with a sense of triumph, the Tea Party is huddling to come up with ongoing tactics to hold the system hostage while the party leaders plan the new “Super committee” with 12 chosen acolytes (how Biblical, that number 12!) to map the next round of fiscal blood-lettering.

Stanley Kutler: Say It Ain’t So, O!

When Barack Obama began his quest for the presidency more than three years ago, admirers and many opponents alike conceded he was smart, tough and articulate. Well, we are left with one out of three.

snip

One critic, with an eye to history, suggested that Obama declare himself a moderate Republican and seek the nomination of both parties just as in 1820 when James Monroe ran as the only candidate. Then we might replay the “Era of Good Feelings”-which was anything but-with Obama synthesizing Herbert Hoover, Ronald Reagan and Bill Clinton. What political genius!

Joseph S. Nye, Jr.The Right Way to Trim

THE recent debt deal will slash the defense budget over the next decade. And if Congress can’t agree on an additional $1.5 trillion in cuts, the law’s “trigger mechanism” will lead to deeper reductions in military spending. The initial cuts will not imperil America’s national security, but the deeper cuts could.

The administration of George W. Bush nearly doubled the defense budget following 9/11. With the winding down of Mr. Bush’s two wars, we could cut our ground forces to 1990s levels, reduce the planned purchases of F-35 Joint Strike Fighters, make greater use of cheaper drones and other technologies, and deal with the escalating costs of the defense health care system – without serious damage to national security. Indeed, President Obama’s budget had already planned for $400 billion in defense savings by 2023.

Countdown with Keith Olbermann

If you do not get Current TV you can watch Keith here:

Watch live video from CURRENT TV LIVE Countdown Olbermann on www.justin.tv

Famine in the Horn of Africa

No more delays or restrictions for Somalis needing aid and refuge

“Fighting in Somalia, restrictions on supply flights, international support staff as well as administrative hurdles have all contributed to the current hardship faced by the Somali population today,” said Unni Karunakara, International President of MSF. “It is essential that both restrictions and obstacles to humanitarian aid be removed as the situation continues to worsen.”

This weekend, August 6 & 7, Daily Kos will be sponsoring a blogathon to raise money for East Africa Food Crisis: 48-Hour Famine Fundraiser

They have decided to donate all monies raised to directly support the work of Médecins Sans Frontières in the Dadaab refugee camp.  An anonymous donor has volunteered $5,000 in matching funds.  

The humanitarian crisis from famine due to drought is worsening and being hindered in Somalia due to the the lack of safety and aid being blocked by Islamic extremists. Us laws that prohibit nongovernmental aid organizations from receiving any US assistance if they try to negotiate with the rebels, has further hindered aid to nearly 3 million who are at risk of death from starvation.

The US development agency USAid said the $28m (£17m) it pledged to Somalia this week would target areas hardest hit by the drought. But, given the strength of feeling the Americans have towards al-Shabaab – it’s on a list of terrorist organisations – and the fact that it controls the two areas of Somalia the UN declared to be famine zones, Bakool and Lower Shabelle, it is difficult to see how those most in need will benefit from the money.

Donald Steinberg, deputy administrator of USAid, said on Wednesday that America needed assurances from the UN that al-Shabaab would not restrict delivery of US-funded aid in rebel areas before it would allow its aid to be delivered.

NBC’s Richard Engel explains how a Somali terror group is blocking aid to famine victims in order to win a political power struggle

Somalia famine has reached three new regions, says UN

Immediate lifesaving help now needed by 3.2 million people in south of the country

The UN has declared three new regions in Somalia as famine zones, including the refugee camps in the capital Mogadishu.

The UN Food and Agriculture Organisation said famine is likely to spread across all regions of the south of the country in the next four to six weeks, and persist until December. Out of a population of 7.5 million, 3.2 million are in need of immediate lifesaving assistance in its worst drought in 60 years, but aid supply is difficult because al-Qaida linked militants control much of Somalia’s most desperate areas.

Countdown with Keith Olbermann

If you do not get Current TV you can watch Keith here:

Watch live video from CURRENT TV LIVE Countdown Olbermann on www.justin.tv

Punting the Pundits

“Punting the Pundits” is an Open Thread. It is a selection of editorials and opinions from around the news medium and the internet blogs. The intent is to provide a forum for your reactions and opinions, not just to the opinions presented, but to what ever you find important.

Thanks to ek hornbeck, click on the link and you can access all the past “Punting the Pundits”.

Wednesday is Ladies’ Day.

Katrina vanden Heuvel: From the debt debate to a hostage revolt

In the melodrama that is consuming Washington this hot summer, featuring the spectacle of how much Tea Party Republicans will be able to extort for agreeing not to blow up the economy, the values and priorities of most Americans were early casualties. That reality will drive – no matter what the resolution this week – new, independent citizen mobilizations challenging both Republican zealotry and Democratic cravenness.

The debt-ceiling debate has lasted long enough for most Americans to start paying attention and to realize just how divorced both parties are from basic common sense. With the economy faltering and 25 million people in need of full-time work, most Americans want Washington focused on how to create jobs and get the economy going, not on slashing spending for the rising number of poor children while sheltering tax havens for millionaires.

Amy Goodman: War, Debt and the President

President Barack Obama touted his debt ceiling deal Tuesday, saying, “We can’t balance the budget on the backs of the very people who have borne the biggest brunt of this recession.” Yet that is what he and his coterie of Wall Street advisers have done.

In the affairs of nations, Alexander Hamilton wrote in January 1790, “loans in times of public danger, especially from foreign war, are found an indispensable resource.” It was his first report as secretary of the treasury to the new Congress of the United States. The country had borrowed to fight the Revolutionary War, and Hamilton proposed a system of public debt to pay those loans.

Amanda Marcotte: How Abortion Caused the Debt Crisis

Last night, right before the fatal deadline, the U.S. Congress finally came to a deal that allows us to raise the debt ceiling, without which the federal government would basically shut down completely and start to default on its loans, creating a cascade of economic disasters.  Congress came to a deal before we had to learn those Depression-era money-saving skills (sadly, we don’t have flour sacks to make clothes from any longer).  Now it’s time to reflect on how our country has gone so far off track that we can’t even handle the basic responsibility of keeping the country from plunging into a manufactured crisis that nearly led to economic collapse.  There are multiple causes, but one that hasn’t been discussed much is abortion.

Yes, abortion. Or, more specifically, the sustained sex panic that has been going on in this country since the sixties and seventies, when the sexual revolution occurred and women secured their reproductive rights.  If it seems a little strange to argue that sex panic helped bring us to the verge of economic collapse, well, that’s the nature of the circuitous, ever-evolving world of politics.  But it’s sex panic that helped create the modern right-wing populist, and it’s the modern right-wing populist that created the current crisis.

Rebecca Solnit: Hope: The Care and Feeding Of

Recently, Nelson Mandela turned 93, and his nation celebrated noisily, even attempting to break the world record for the most people simultaneously singing “Happy Birthday.” This was the man who, on trial by the South African government in 1964, stood a good chance of being sentenced to be hanged by the neck until dead. Given life in prison instead, he was supposed to be silenced.  Story over.  

You know the rest, though it wasn’t inevitable that he’d be released and become the president of a post-apartheid South Africa. Admittedly, it’s a country with myriad flaws and still suffers from economic apartheid, but who wouldn’t agree that it’s changed?  Activism changed it; more activism could change it further.

Meanwhile, Rupert Murdoch, who’d amassed a vast media empire, banked billions of dollars, and been listed by Forbes as the world’s 13th most powerful person, must have thought he had it made these past few decades.  Now, his empire is crumbling and his crimes and corrosive influence (which were never exactly secret) are being examined by everyone. You never know what’ll happen next.

Linda McQuaig: Tycoons Laughing All the Way to the Bank

There are likely few characters less loved in America these days than hedge fund managers – widely regarded as among the archvillains of the 2008 Wall Street meltdown.

So, months ago, when Washington embarked on a frenzied search for ways to reduce the massive U.S. deficit, a tax loophole that allowed hedge fund managers to pay tax at the exceptionally low rate of 15 per cent certainly seemed like low-hanging fruit.

Cancelling the loophole would save the treasury $20 billion over 10 years, and the public would surely be unmoved by the pain inflicted on hedge fund managers – the top 25 of whom took home an average pay last year of $880 million each.

But as the stakes rose in the bizarre negotiations over the country’s debt ceiling, the Republicans managed to push reluctant Democrats into taking all tax increases off the table. All deficit reduction was to come exclusively from government spending cuts, hitting the middle and lower classes hard.

Sarah Churchwell: The Willful Ignorance That Has Dragged the US to the Brink

The Tea Party version of the American Revolution is not just fundamentalist. It is also Disneyfied, sentimentalized, and whitewashed

Here’s a monumental historical irony: a moment in the origins of the United States that every American schoolchild learns to view with pride, the Boston Tea Party, has now become a symbol of our (inter)national shame. In one sense, it is difficult to know what to say in response to the utter irrationality of the Tea Party’s self-destructive decision to sabotage the American political process – and thus its own country’s economy, and the global economy.

Last week, while the US government was locked in stalemate and risked defaulting on its national debt for the first time in its history (and thus also defying the Constitution that Tea Partiers supposedly hold sacred, which declares in the 14th Amendment that it is illegal for Congress to default), Michele Bachmann instructed her followers not to listen to those who attempted to “scare” them with untruths that the US would default if it didn’t raise the debt ceiling. When, of course, that is precisely what it would have done. But the Tea Party has never let facts get in the way of its belief system, and now that belief system is genuinely threatening the well-being of the nation they claim to love.

 

Load more