August 5, 2011


On the immediate consequences of the new debt deal…

Our country added $239 billion dollars in debt in a single day yesterday. $239 billion dollars in debt in a single day. May I put that in perspective for you? $239 billion dollars in debt in one day is about five times the real cuts, scheduled to occur, over the next ten years under the bipartisan debt deal. By way of comparison, we are supposed to get, as a result of the debt deal $900 billion in cuts. But they are spread out over ten years, meaning most of them are unlikely to ever happen since they are scheduled for the out years, and cannot be enforced on future congresses. But the regime was given $400 billion dollars in new borrowing authority for this week, and they ate up 60% of it in a single day… remember now: this was bipartisan. This was Boehner and McConnell and Krauthammer Online and the Kristol Standard and all and the Wall Street Journal, and they were all in on this. “Oh wow zowee what a great deal, this is the best we can do, why, golly we gotta do this. We gotta avoid default, we got to avoid losing the Triple A rating, we gotta do this deal, why, it’s real spending cuts!” That will never happen. More in debt in one day, than the spending cuts over ten years in the debt deal. It’s comical. It’s comical because it’s the same-old same-old. It’s the same old bag of you-know-what.