Hey, did y’all catch NicFitKid’s comment on Friday?:
Why all the hand wringing over the debt? Debt can be managed, stop pitching softballs to Tea Baggers. Also, reducing government debt doesn’t increase employment, and the lack of jobs is what fuels fear and loathing in the current recession.
What you should be worried about is the brinksmanship in DC over the debt ceiling. If they fuck up that game of chicken, then we’re talking default and the downgrading of government bonds, so we end of having a harder time selling our debt on the market. Now that’s something worthy of charts and words.
In an unreleated swipe:
The Shuttle launched for the last time today. Shouldn’t you be dancing on its grave? Pissing on the NASA logo? C’mon, Alesh, gimme that old time anti-space program religion.
Haha, he’s right. I used to be such a fan of the Shuttle, and when I realized what a money sink it was, the whole thing turned sort of gross and detestable. It’d be like if the Prius turned out to have worse gas mileage than a Suburban, and also leeched some sort of chemical that made your children stupid.
But about the debt. Did you catch the Daily Show last night? John Stewart, in reference to the Republicans’ unrelentingness about reducing taxes, did the one about “well than why don’t we just reduce taxes to zero??” Old saw, but good point, right? But so then when DO we start worrying about the debt? We surely need to at SOME point, eh? Some point before we get to where Greece is? I mean, you scoff at the people protesting in the streets because they can’t wrap their heads around the fact that their government is out of money, and yeah their pay is being cut and their retirement age raised, but the only reason they still even have paychecks and retirement is because Germany is — reluctantly — writing checks.
So, not only is the US not at that point, but we’ll never get to that point. Mainly because we don’t have a Germany to bail us out if we need it. (Yes, China. But at least for now, China’s still a much smaller economy than the USA.) There comes a threshold to our debt that, if we reach it, Bad Shit will happen. And the truth is, nobody quite knows where that point is.
Now, I still agree that that point hasn’t arrived yet. That we need to keep borrowing money at least for the foreseeable future. That the Bad Shit which is in fact happening is at least marginally helped, not hurt, by our increased borrowing and spending. But at some point, yeah?, the opposite starts to be true. You would agree, wouldn’t you, that there is some amount of debt that would be too much for the USA? (Also, remember that while the government is not like a family, there are some aspects of national debt that do work exactly like credit card debt: while you’ve got it, you’ve got to pay interest on it, which interest is NOT INSIGNIFICANT (wanna take a guess? Go ahead, the answer is right here. That would buy a LOT of unmaned drones, brother). And also, you’re presumably going to at some point when the economy is all sunshine and roses going to pay off at least some of this debt, right? Yeah, your guy Clinton was the last guy to make a dent in it, but (a) it wasn’t that big of a dent, and (b) are you really so sure the whole thing wasn’t powered by a bubble?
But again, I agree that we need to be borrowing, spending, etc. I agree with friggin’ Krugman! All I’m saying is, in all this talk about the Moron Tea Baggers and Asshole Republicans, let’s remember that these people are genuinely worried (well, at least some of them are) about something that it is not THAT UNREASONABLE to worry about.
Oh right, the debt ceiling.
Whatever. They’re going to raise it. There’s a negotiation going on, and the Republicans are in a better negotiating position. (It’s like a game of chicken with two buses, but Obama’s bus has people on it that he cares about, and the Republican’s bus is empty and remote controlled?) You can be pissed off at the Republicans if you want, but all you’re pissed about is that they disagree with you and that they’re better at using their negotiating advantage when they’ve got it than your guys (MAN the Democrats are shitty at negotiations… remember when they won the Congress back towards the end of Bush’s presidency? Shameful shit). But overall, I wouldn’t worry about it. Everything’s going to be FINE.