Monthly Archives: July 2011

President Obama: Cutthroat, Captive, Off Balance

Obama: The speech is mightier than the plan

President Obama doesn’t like the GOP’s “Cut, Cap, and Balance” plan.  He prefers his own plan, which is, um, well, he’ll get back to you on that one.

That’s right.  The President doesn’t have plan, but he loves to critique the Republican plan that passed the House Tuesday night.

Throughout the day, White House officials slammed the Cut, Cap and Balance plan.

The plan “is an extreme version of a constitutional amendment that would cap government spending and require a two-thirds supermajority to cut tax loopholes or take other steps on revenue,” Jason Furman, the deputy director of Obama’s National Economic Council, announced on the White House blog this morning.

In contrast, he wrote, “the President is pushing everyone to come to the table, put politics aside, work through our differences and prove to the American people that we can still do big and difficult, but necessary things.”

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Filed under Politics, The Economy, The Media

The Treasury Elf Who Cried Wolf

According to Treasury Secretary Tim “Turbo Tax” Geithner, The United States government will default on its debt obligations on August 2 unless the debt ceiling is raised.

But like every other Obama deadline, this is an artificial date with no basis in reality.  Let me explain.

Since January, Sec. Geithner has repeatedly changed the deadline for default, not based on sound fiscal calculations but upon a desire to force Republicans to act quickly, giving Obama the easy win.

First it was March 31.  Then April 5.  After that, May 16.  Soon the default deadline was pushed back to July 8.  Now it’s August 2.

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David Brooks Has No Brain

Photoshop via Doug Ross

New York Times columnist David Brooks is a “conservative” that only a liberal could love.  First, he writes for the left’s favorite newspaper.  Second, he appears on PBS and NPR quite frequently.  And third, he bashes conservatives and Republicans every chance that he gets, often while employing logical fallacies, advancing myths as facts, and making stuff up.  I’m surprised The Huffington Post hasn’t scooped him up yet.

In his most recent column, stupidly titled “The Mother of All No-Brainers,” Brooks suggests, as Jamie Weinstein puts it, that “the Republican Party is no longer a normal party and that the Democratic Party has been more serious in the recent negotiations over raising the debt ceiling.”  David Brooks, it seems, is a no-brainer.

Any honest observer would flatly disagree with Mr. Brooks’ assertion.  Is it not the Democrat party that has fear-mongered on this issue, by suggesting that the global economy would collapse if the debt ceiling wasn’t raised months ago?  So, has that happened yet?  Have we all died because Republicans in Congress are demanding budget cuts?

Of course not, and anyone who has actually studied this issue knows that the various deadlines created by Treasury Secretary Tim “The Tax Cheat” Geithner were artificial and not based on any economic reality.  The federal government will not default on its debt because tax revenue is greater than the interest payments on the debt.  Even if the debt ceiling isn’t raised, the U.S. Government will still be able to pay its creditors.

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