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Chicken little reads TPM?

Evidently that thud last night was the sky falling.

Dana Milbank, Bob Schieffer, and Treasurer of the Regime all promise us that Republicans must give Obama a credit-limit increase or the consequence will be DEFAULT.

Remember, these are the same folks who promised us that the last trillion would “create or save” how many millions of jobs?

The U.S. is not going to default. I won’t bore you with the details. Even Milbank admits we will have $2.2 trillion in cash coming in next year. We can’t run a government on $2.2 trillion? Hmmm. We would have to go all the way back to 1990? 1965? No, 2003. That’s right. We ran an entire country and two wars on $2.2 trillion just eight years ago. And even that was not a particularly lean year by modern standards.

Let’s also keep some perspective: Thailand and Brazil each defaulted, while Mexico opted for a Goldman Sachs–financed bailout. Perhaps default is a necessary prerequisite to offshore drilling.

My son, by virtue of being born, probably owes the government $100,000 for spending that has already taken place. (More on that to come.) Forgive me for preferring to create or save a few grand for him first.

So Obama’s mouthpieces all read the same memo. GM turns a phony profit. Dog bites man. I suppose I never realized how the once-in-a-generation opportunity to raise taxes under the guise of fiscal discipline would seduce even the old-line journalists who are gasping to remain relevant.

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