I’m still not entirely convinced the debt ceiling debate was anything more than political theatre but taking it at face value the debate and subsequent agreement represent the moment that America through a majority of its elected Federal officials clearly chose the wrong path.
What I mean by the wrong path is that cutting spending during a severe recession/depression with +10 % unemployment without a tax increase for the wealthiest citizens is a one way ticket to a banana republic, a corpocracy where the vast majority live in a state of working poverty with few government benefits while big corporations gradually destroy all worker and environmental protections that were hard earned by past generations.
The fact that Obama went along with it, gave in to what is a very bad deal for America, for workers, for children, for seniors can be read two ways a.) He’s a weak leader who has no negotiation skills at all and is only good for making speeches b.) He is a Manchurian candidate but is not a secret Islamist or any of that tea party conspiracy nonsense. No rather he is the Manchurian candidate of the corporatists, of Goldman Sachs and everyone else.
In any event, I lost a lot of respect for Obama this week. Whether he’s punch drunk or just doesn’t give a damn anymore I don’t know.
Cutting spending to its lowest since Eisenhower was president (which I heard repeated like a mantra this week after the agreement was finalized) is not something to be proud of at this point in history. The tired marketing message of a self-sufficient America is based on an economy that doesn’t exist anymore.