T Minus Ten And Counting

The debt ceiling stuff is all over the map.  Several people - like John Cole - have been saying, "Let the damn thing crash and we will tie the misery around their necks for a generation."

I get that sentiment.  I have a job and am unlikely to lose it (knock wood).  Another market panic would simply make retirement that much more remote.

But the long term effects of default are very, very painful.  We would add a $1,000,000,000,000 to the debt in interest fees.  Screw TARP or the stimulus, defaulting on the debt would be a disaster for the public books.

The sheer stupid, obstinate, pigheadedness and ignorance of the GOP on this makes me want to go all pitchforks and torches on their sorry asses.

But if we have learned anything, it is that the American people - when confronted with difficult economic policies - will largely forget intellect and go with their "gut".  We are starting to see the public clue in a bit on default and Obama has positioned himself as the "responsible one".

What worries me is that the first week of August sees a genuine market panic, the economy double dips and the GOP - chastened - agrees to a deal.

But Obama has already signaled that he's willing to put long term budget considerations ahead of fixing our current economy.

How do important programs survive the long knives that will be broken out once we add another TRILLION dollars onto our debt?

Is this, perhaps, the GOP plan?  Forget the perhaps.  This is Grover Norquist's "shrink government to the size where you can drown it in a bathtub" become real.

The GOP don't give a damn about deficits.  THEY. DO. NOT.

They want to stop the EPA from keeping the water clean.  They want to end Medicare as we know it.  They want to defund everything and turn it all over to private enterprise.

And it it takes running up huge deficits, then so be it.

Because Clinton and Obama have shown that only Democrats really give a damn about deficits and are willing to fix things.

Not that anyone seems to give them credit for it.

The GOP can win elections, but only the only the Democrats can govern.