We Can Hold Our Heads A Little Higher Today

July 31, 2011 | Filed under 2012 Presidential Race,Big government,Economics,Money | Posted by

If the debt ceiling is not raised by August 2nd, we have been furiously warned to expect financial Armageddon.  Collapse.  Doom and gloom.  Soaring interest rates.  Default.  Credit rating downgrades.   No Social Security checks.  No military pay.  Government worker layoffs. We’ll be living in catacombs.  Wide-spread famine will result.

Alright, I made those last two up.

But it reflects the level of hysteria brought on by politicians and talking heads who fight for air time to hyperventilate about their ‘doomsday’ scenarios.

Yet, for all of the breathless conjecture, the truth is:

NO ONE KNOWS WHAT WILL HAPPEN.

The longer this goes on, the more I listen to these chicken littles, the more this sounds like the financial version of “Y2K.”

How embarrassing.

Harry Reid has thrown around his own version of a spending cuts/revenue-addressing/deficit reduction plan, as if this issue has been a priority for him all along.

And through it all, Obama and the Democrats have done everything in their power to paint Republican House members as irresponsible, beholden to the “fringe” Tea Party, using phrases like “holding America hostage” to demonize their actions.

However, there is one aspect of this entire situation, no matter which side you fall on regarding the measures being discussed, that cannot be obscured by the issue or the political drama associated with it:

Without the Republicans having won their majority in the House of Representatives, without the “new blood” who campaigned on fiscal responsibility, NONE of these issues would have seen the light of day.

No discussion of spending cuts.  No discussion of the ill effects of continually raising the debt ceiling.  No talk of a balanced budget amendment.

If it were up to the politically entrenched crooks like Harry Reid, Obama, and Pelosi, the issue of the debt ceiling would not even be in question.  Our massive spending addiction and the fiscal abortion into which Washington has buried this country would continue to be ignored.  The political slush-fund they call a budget would again be hoisted onto the backs of Americans, no matter how fraught with pork and inefficiency it may contain.

Yet for all the attempts by Democrats and Obama to frighten us, for the transparently political demonization of the House Republicans, nothing will change the one over-riding truth:

It was the determination, focus, and political will of the Republicans in the House of Representatives which has served as the catalyst for this change.  And it was ordinary American voters who chose to elect them to do exactly what it is they are now doing.

No matter if (and this will not happen) the Reid bill passed, or no matter if there are some specifics in the final bill which are based on face-saving “compromise,” the fact that this significant battle has been fought is a testament to the fortitude of those Republicans and the foresight of the voters who put them there.

Republicans ran on fiscal responsibility.  And they are holding to their word.

How refreshing.

 

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Posted by on July 31, 2011.
Filed under 2012 Presidential Race, Big government, Economics, Money.


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  • http://www.facebook.com/dpalen Donna Palen

    And if the Democrats had done the job they were supposed to do last year, they could have had ANY budget plan they wanted..but their jobs (re-election campaigns) were more important to them.  Now they have to fight and are blaming the Republicans! What nerve.

  • Anonymous

    Too bad nobody cares about cutting the $15 billion per month spent on Iraq, Afghanistan and Libya.

    http://www.lewrockwell.com/blog/lewrw/archives/92186.html

    • Anonymous

      Simple minds prefer simply solutions to complex issues.

      • Frank O’Connell

        Like simply ignoring the fact that the wars have been a waste of lives, time, prestige and tax dollars?

        Nicely done, Simpleton.  You’ve succeeded in making complex issues simple — just simply ignore the facts.

        • http://www.harlemghost.blogspot.com/ HarlemGhost

          this years deficit 1.5 + trillion – 180 billion = 1.3 + trillion deficit …  next …

          • Anonymous

            Um, a 20% reduction in the deficit is pretty significant. Not to mention the troops saved from death and maiming.

            Now, carry on complaining about the $1 billion per year for Amtrak.

        • http://www.harlemghost.blogspot.com/ HarlemGhost

          this years deficit 1.5 + trillion – 180 billion = 1.3 + trillion deficit …  next …

        • Anonymous

          You just proved my point.  Nice job.

        • retired.military

          You ignore them all the time Frank.

    • Jeff Blogworthy

      Nobody? I think you’re wrong. I think many people who supported the war(s) originally are ready to scale back. And in case you missed it, conservatives don’t believe engagements in Libya are especially critical to U.S. interests.

      • Anonymous

        Nobody, or not many, in Congress, I meant.

    • Anonymous

      I know this isn’t a thread about Afghanistan but Chico makes every thread about that. I wonder what Sec of Defense Chico would do faced with a rouge government supporting a terrorist group that plans and carries out an attack that kills 3,000 Americans? 

  • Anonymous

    So because the debate over the debt limit reminds Shawn Mallow of Y2K, it’s not a real issue. Or something.

    If you stop paying the minimum payment on your credit card, it doesn’t mean that NO ONE KNOWS WHAT WILL HAPPEN, Shawn. We do, indeed, know what will happen. And although this crisis is not as simple as that example, there are plenty of people who have a damn good idea of WHAT WILL HAPPEN.

    Humorous that the Tea Party Republicans who campaigned on fiscal responsibility are now advocating default on the full faith and credit of the United States. Or would be, if it wasn’t so tragic that people like you can’t see the disconnect.

    In Mallow World, “fiscal responsibility,” I suppose, means taking action the consequences of which cannot be predicted.

    And no one on Wizbang has explained to me, despite my numerous requests, how Tea Party Republicans can simultaneously support both a BBA and the Ryan budget, which projects massive deficits until 2045. Perhaps YOU can, Shawn.

    “And it was ordinary Americans who chose to elect them to do exactly what they are doing.” Well, two things about that: One, it was ordinary Americans who elected Obama to do something about healthcare — did that shut up the opposition? Should it have? And, two, these freshmen were elected to do something about jobs, jobs, jobs — where is the GOP Jobs Bill?

    • Anonymous

      Why don’t you spend your time and effort extolling your leftist brethren in congress to develop a budget and quit spending money like it wasn’t theirs, rather than hanging around here bashing the “Tea Party Republicans”? Last time I looked they were the ones proposing real answers to this problem while your heroes were busy playing the race/class envy card and doing NOTHING to solve the problem. 

      • Anonymous

        I think you mean “exhorting.” “Extolling” has an entirely different definition, genius.

        • Anonymous

          Thanks. Nice to see that BA in poly si that got you the asst. mngr. at Fabric Barn has paid off again. Jackpot.

          • Anonymous

            Only took you 3 hours and 32 minutes to come up with a snappy retort, too. Awesome.

          • Anonymous

            Some of us have better things to occupy our time on Sunday. Like worshiping at church.  

            I know, clinging to guns and bibles. 

            Btw, you best get back to work, they need a cleanup in aisle 4.

          • Anonymous

            I guess the sermon today wasn’t about turning the other cheek, huh, Mr Christian Soldier?

            But I apologize — more half-smart, semi-literate, holier-than-thou biblethumpers is exactly what this country needs. Carry on.

          • Anonymous

            Only took you 3 hours and 32 minutes to come up with a snappy retort, too. Awesome.

        • retired.military

          And once again you neglect to address why the dems didnt come up with a budget when they had super majorities in the House and Senate.  And dont use that lame claim “they passed a continuing resolution – its the same thing ” bullshit.  They are not the same and you know it.   Your heroes didnt come through.

          • Anonymous

            He’s been busy trash talking others on this board and can’t find the time to answer any govt. policy or performance questions. Not surprising.

            He’ll be real fun to watch about this time next year when the dems are facing political armageddon. Bring the popcorn RM. LOLOL

    • Anonymous

      Hey Bruce, regal us once again with all the wonderful improvements in the economy over the last 2 1/2 years, under the able leadership of your Obamassiah.  Get those numbers out there where we can see them.

    • Jeff Blogworthy

      “If you stop paying the minimum payment on your credit card…”

      The lying analogy. An honest comparison goes like this:

      A consumer insanely spends everything he can steal from his countrymen, plus everything he can borrow at an incredible pace. Every dime he gets goes for more spending, except what little he reserves for interest payments on the debt. When he quickly bumps up against his credit limit, he blames his creditors for not letting him borrow more. He pretends that a reduction in spending is impossible, and not even an option. He tells his creditors that, on condition of more borrowing (a small portion of which he promises to pay on the ever accumulating interest), he might start reducing spending over 10 years or so. If he feels like it. No guarantee.

      Why is it that leftists never say “If you stop living within your means…” you go bankrupt? I suppose it makes far too much sense.

      • Anonymous

        Well, I know it’s not the best analogy, but I was going for simplicity. (Simple, black-and-white analogies are pretty much standard around here, if you haven’t noticed.)

         The point was that Mallow, while pooh-poohing the importance of the debt ceiling issue, is ALSO claiming that “no one knows what will happen.” Well, if you don’t know what will happen, how can you claim it’s a made-up crisis like Y2K? And how is it fiscally responsible to gamble with the country’s credit rating?

        He claimed that “no one knows what will happen.” I call bullshit. One thing that will VERY CERTAINLY happen is that the US will lose it’s top credit rating. It might happen anyway — but it will damn SURE happen if the debt limit is not raised.

        • retired.military

          “but it will damn SURE happen if the debt limit is not raised.      ”

          Bullshit.  If the US doesnt pay its interest and bonds coming due than bad things happen.  But that wont happen because the US takes in something like $200 Bn a month in revenue and the bonds coming due and interest make up about $50bn of that if that.

          You are try9ing to use the same scare tactics as other dems.

  • Anonymous

    They could have taxed the millionaires and billionaires,corporations,closed tax loopholes,increased spending on SS,M&M,and acorns for chipmonks. They could have ended the Iraq and Afganistan wars to stop all Chico’s wars and the spending on them. Cut the defense budget down 60%. 
    They could have.  They didn’t. Here we are.

    • http://www.rustedsky.net Anonymous

      We need to eat the rich!  Confiscate everything they have – and then we’ll be solvent!

      They want to turn us all into beggars, because beggars are easier to please…

    • http://www.rustedsky.net Anonymous

      We need to eat the rich!  Confiscate everything they have – and then we’ll be solvent!

      They want to turn us all into beggars, because beggars are easier to please…

  • http://www.facebook.com/Stan25 Stan Brewer

    Now the libs like Chico and Bruce Henry are blaming Booosh and the Republicans for the fiasco in Libya. How refreshing. We all know that Barry and Company are the ones that started the shit that is going on in Libya. As a matter of fact, what has been going on in the Middle East in the last 2.5 years can be laid onto the shoulders of the “Walks On Water” administration. The Republicans tried to stop it, but the same ole crowd that wanted to pull out of Iraq and Afghanistan, are the ones that are keeping us in Libya. Go figure.

    • http://www.rustedsky.net Anonymous

      Since when does logic interfere with a blame-thrower?

    • http://www.rustedsky.net Anonymous

      Since when does logic interfere with a blame-thrower?

  • Anonymous

    Hey Bruce’ everything will be ‘splained’ so you can understand in 2012. Till then, have some grape..

  • Anonymous

    Shorter ODA, Garandfan, Stan, and 914:

    “We got no answers for the questions Bruce has raised or the points he made about supposedly “fiscally responsible” GOPTeaPartiers, so we’ll just spout asinine gabble about kool-aid, ‘Obamessiahs’, and ‘race/class envy.’”

    Again, Wizbangers: Is it fiscally responsible to gamble with the country’s credit rating? How DO you justify your simultaneous support both of the Ryan “plan” and a BBA? Did the Tea Party freshmen get elected to oppose the debt ceiling, or to address the issue of jobs?

    If you’re gonna use the “reply” button, it’s protocol to actually, you know, *reply* to the comment you’re addressing.

    • http://profiles.yahoo.com/u/EU5DQWQTTHTPO4A4ZYSL3AAV2U Adjoran

      The Democratic Congress failed to produce a budget.  The Democratic President failed to produce a budget (other than one which envisioned ever-growing spending AND deficits for ten years and failed even the Democratic Senate 97-0).  The Republican House then passed a budget which would in fact have prevented a credit downgrade by cutting more than the $5 trillion the ratings agencies will be necessary to avoid it, and the Democrats have no counter.

      The Democrats controlled both House and Senate up until January, but Harry Reid refused to bring up the debt ceiling limit, explicitly saying he wanted to force the Republicans to “buy into the debt” before the 2012 elections.

      After all this dereliction of duty and evading the law by the Democrats, you blame the GOP and the Tea Party for the problems?

      You are utterly and completely dishonest.

      • Anonymous

        The ratings agencies have demanded $5T in budget cuts? When?

      • Anonymous

         Also, Ryan/BBA? Jobs vs “fiscal responsibility” (meaning draconian cuts in everything except Defense and Homeland security)?

    • Anonymous

      You mean like the way the Dems have been avoiding doing anything to keep us from this problem for two years? Seriously? 
      Who the f*** knows what will be going on in 2045? Did you know in 2008 that Obama was going to jack our debt up within 2.5 years? Did the CBO? Did any of us in 2000 expect Bush was going to end up with the debts and spending he did by 2008? 
      Ryans plan and CC&B are at least a step in the right direction and maybe with a little work between both parties it could be fixed to where you would like it or at least accept it,but your people refuse to even do that. They won’t even accept Obama’s budget plan. 
      At least the republicans are putting out ideas. Dems are doing nothing and are doing it on the same old “robbing peter to pay paul” plan.

      • Anonymous

        1.Apparently, Paul Ryan does, or says he does.
        2.I had a pretty good idea, and so did Wizbang commenters, judging from all the chickenlittle comments on these boards at the time.
        3. I figured as much at least by 2004, when it became obvious that the wars would be funded by “emergency resolutions” and not the regular budget process. BTW where was your fiscal outrage about that? And the “unfunded” part of the “unfunded entitlement” Medicare part D plan gave me another hint, albeit a little later than 2000.
        4. Ryan’s “plan” and CCB are MUTUALLY EXCLUSIVE. One will not work in tandem with the other. Repeating that they will over and over won’t work.
        5. Putting out ideas, if they are stupid ideas, is not in itself a good thing.

        • Anonymous

          1.Apparently you believe the CBO or anyone who advances your argument 45 years out. 
          2.Regardless of how good you or commenters here thought your idea was you still don’t know and really can’t predict what we will be facing in 45 years as no one can predict what other pitfalls we will have to adjust for along the way. 9/11 comes to mind here. Its pretty much “all things staying the same for 45 years,this will happen” It never happens that way.
          3. 2004 was not 45 years ago. What I thought doesn’t matter. For all I know you thought after       2008 your side would put forth budgets that would fix everything. They haven’t.
          4. Yes they are exclusive,but they are there to be worked on by both sides. Unfortunately yours doesn’t want to even start the compromise process they claim they are for with such fervency. The least they could do is work to change either one of them more to their liking,but that seems to be out of their ability
          5. Showing up for the game does not count. You actually have to put your cards down to get anywhere.

          • Anonymous

            I think you misunderstand my numerating, Digg. I guess it wasn’t very clear.

            My #1 was in response to “Who the f**k knows…”
            My #2 was in response to “Did you know in 2008…”
            My # 3 was in response to “Did any of us in 2000…”
            My #4 was in response to “Ryan’s plan and CCB are at least…”

          • Anonymous

            Cool. You can edit your replies way after posting.

  • http://www.facebook.com/profile.php?id=1047977293 Eric West

    How about we just cut our spending? I don’t mean cut our rate of increase, I mean actually cut our spending? Or, if you’re not for that, i’m willing to compromise (Suddenly the Democrats just fell in love with this post because I used the magic word). Instead of cut our spending, we hold steady, no further increases in spending until the budget is balanced (IE: We spend the amount we bring in)?

    Sure, that could take 10 years, but i’m happy to compromise if we just stop increasing our amount of spending, and just agree to hold steady.

  • http://wizbangblog.com Shawn

    Henry,

    Aside from the fact that one should never trust a person who has a first name for a last name, it’s nice to see you are still the miserable douchbag you’ve always been.

    And it’s still nice to see you pick one small sentence out of many to justify disregarding the broader point of an opinion.

    -”In Mallow World, “fiscal responsibility,” I suppose, means taking action the consequences of which cannot be predicted.”

    Huh?

    But you just claimed above that “We do, indeed, know what will happen.”I don’t know what your point is, but if not for the Republicans gaining the House of Representatives this pasted election, the profligate spending orgy of Obama and the unchecked Democrats would not even be recognized, let alone changed.

    Do you really believe that spending cuts would have been made a priority if Democrats remained in complete power of all three legislative branches?

    This ordeal has shown Obama to be impotent, attempting to stay above the fray, letting others lead.

    He an Reid have been forced to acknowledge just how important and serious spending cuts are to voters, so they’ve blatantly attempted to co-opt the issue as theirs.

    They got owned.They got owned.-…”And it was ordinary Americans who chose to elect them to do exactly what they are doing.” Well, two things about that: One, it was ordinary Americans who elected Obama to do something about healthcare — did that shut up the opposition? Should it have? And, two, these freshmen were elected to do something about jobs, jobs, jobs — where is the GOP Jobs Bill?”

    Your point?

    Obama was elected due to Bush fatigue, not because Americans felt he was the answer to all the country’s healthcare woes.

    And your “jobs, jobs, jobs” angle is disingenuous, at best. Democrats held both houses of Congress since 2006 and Obama has been in the White House for almost three years. Where was you outrage about that?

    We’re supposed to believe that you expected freshmen Republicans to solve the bleak jobs reality in the 6 months they’ve held the majority in the lowest branch of the legislature?

    You are a tool.

    • Anonymous

      “Huh?” asked Shawn.

      Look, it’s not that hard. I picked that point out because your claim is that the Tea Party freshmen were elected to bring some fiscal responsibility to the process. You also said that “no one knows what will happen” should the US default. My sarcasm is about the incongruity of calling someone “fiscally responsible” when you admit that he/she is taking action the consequences of which cannot be predicted, These one-liners aren’t funny if I’ve gotta explain them, Shawn. Jesus.

      And, no, I DON’T think these spending cuts would have been a priority, nor did I ever argue that they would have been. And I SAID what my point is. If we were to default, the interest rates we must pay on the debt would balloon, making ummm… more debt.

      But I do agree with one thing you said in this comment, Shawn: You’re right that this has shown Obama to be impotent. Why, if he weren’t gonna be the lesser of the two evils I’m sure to be presented with next November, I probably wouldn’t vote for him again!

      (Kind of the same reason I voted for him last time.)

      Re jobs jobs jobs: I never said Obama and the Democrats couldn’t or shouldn’t have done better on that front. I said that that was why the Freshman class of Congress was elected, to do something about jobs. Not to hold the world’s economy hostage to their silly know-nothing ideology.

      And I never said I expected them to “solve” the jobs issue. But I did expect them to propose SOMETHING after all that talk during the campaign. Didn’t you?

      “Your point?” Shawn cluelessly asks. It’s plain, Shawn. Obama was elected, in part (as any 2008 Democratic nominee would have been) to reform healthcare — exactly what he said he would do. Yet the opposition vocally and loudly protested, as they had every right to do, and as everyone expected them to do. So it’s no surprise there would be opposition to the new GOP majority in the  House. That’s politics. People don’t quit being for or against this or that policy because they lost a particular election. See?

      Oh, and you’re a tool too, Shawn — just not the sharpest one in the shed.

  • Anonymous

    Obama said he would lower healthcare costs, that you could keep your healthcare if you liked it and there would be no individual mandate. So if he was indeed elected to reform healthcare he pulled a bait and swich on the details. But then he’s not so good with the details.

  • http://wizbangblog.com Shawn

    Bruce,

    -”He claimed that “no one knows what will happen.” I call bullshit. One thing that will VERY CERTAINLY happen is that the US will lose it’s top credit rating. It might happen anyway — but it will damn SURE happen if the debt limit is not raised.”

    Gee, Bruce.  So who will you blame if the debt ceiling is raised, and the credit rating still gets lowered?  And what will we do then?

    Cut spending so we wouldn’t have to borrow so much?

    Nah..  You wouldn’t like that.

    Well, now that a deal has been struck, no matter what happens with the credit rating, we never really will know what would have occurred.  How convenient for you and your unfounded scare tactics.

    -”….hold the world’s economy hostage to their silly know-nothing ideology.”??

    Do you know how melodramatic you sound, Bruce?   Christ.  Did you stock up on water and Depends and duct-tape your house in preparation for this catastrophe?

    And healthcare is a losing issue for you, Bruce.   Obama wasn’t the knight in shining armor he made himself out to be.  You call what he did “reform?”  The majority of the healthcare measures do not go into effect until after 2014.  He’ll either be re-elected, and blame the mess on Republicans in Congress, or he’ll lose and Republicans will once again have to clean up a Democratic legislative Superfund site.

    Oww, Bruce.  That last line of yours was really clever. 

    • Anonymous

      Funny stuff, Shawn.

      If the ratings agencies DO lower the US credit rating, it will be because of the months-long hissyfit the Tea Party Wing of the Know Nothing Party threw about raising the debt ceiling — something that was routine until Obama was elected. So, yeah, I’ll know who to blame. And so will the millions of voters who’ll have their (CC, mortgage, car loan, etc) interest rates jacked up. Boner and his Tea Party horde have made this country a laughingstock on the world stage, and ordinary Americans will have to pay for it.

      “Do you know how melodramatic you sound?” That’s rich coming from a Wizbang columnist. Do you even read the stuff people post here? Hell, have you read your OWN stuff?

      Leave it to Mallow to miss the point about healthcare. It was used as an example of a campaign promise – just as the Tea Party freshmen promised to “cut spending” — not to tout it as a success. Damn, Shawn, these are simple English sentences put together in coherent paragraphs. Why can’t you follow them?

      As for the last line, it was pretty much what you deserved. Kind of invited it, didn’t you?