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Debt, Be Not Proud

02 August 2011 @ 14:25

This quip by Ann Barnhardt is getting quoted a lot around the Interwebs this morning [tips of the fedora to Stacy McCain and Memeorandum]:

I stand here in abject stupefaction. The so-called “right” or “Tea Party” in this republic is being so thoroughly rolled and defeated that I am struggling to come up with an adequate violent submission metaphor that does not involve prison rape . . . and they honesty think that they’re “winning.” Really? You call this winning?

How about: ‘The Right has been Muslimized’ ― after all, Islam means submission of the most servile kind?

As she succinctly points out:

– Obama gets over $2 Trillion to spend before the 2012 election
– There are no real spending cuts
– There is a massive tax increase effective January 1, 2013

Some commentators I’ve read this morning at various sites where she has been quoted have called her ‘melodramatic’ and/or ‘over the top’. They poo-poo the passage of the Boehner Compromise Bill as the best that could be hoped for, considering that the Right controls one House of the Congress. I agree wholeheartedly with Adobe Walls’s response:

I think people who keep reminding us that we only control “one-third of the government” should receive electroshock therapy. “We” actually don’t even control that by the numbers because the people we sent to congress are mostly poltroons. “My” leaders would be willing to risk absolute collapse of the whole system rather than settling for the status quo. With the requisite ruthless, brutal if necessary, dedication to the task at hand and only with that single minded dedication will this Republic be saved.

This was the time to put up a solid wall of resistance to the Left and wrestle control of The Narrative from them. Indications were that the message of fiscal responsibility was getting through, that many Americans were willing to backup the GOP. So, what does The Stupid Party do? It pisses away the opportunity because it fears the Leftists and their power. You had them on the ropes and you pulled your punches, like the second-rate boxers you are.

As Peter Kirsanow remarks:

Under the latest “deal,” we are told, federal spending will be cut approximately $2.7 trillion. That’s false. We’re going to pretend to cut $2.7 trillion, which is somehow meant to be a greater achievement than pretending to cut $1.5 trillion, but not as great as pretending to cut $4 trillion, which is what the rating agencies would prefer. In reality (that benighted realm that exists outside the District of Columbia), spending will increase by about $6,000,000,000,000.

Members of the political class pat themselves on their backs for coming up with a deal that is “the best deal they could get.” The dominant media coo about the statesmanship and sobriety that supposedly pulled the nation from the economic brink, permitting us all to return to our mundane pursuits. But the spending will increase and the liabilities will mount. The day of fiscal reckoning will continue to approach.

Andrew McCarthy knows this well:

Ask any rational person: “When a government is so addicted to reckless spending that it has run up a crushing $14.3 trillion debt that it has no plan to pay back — when it is borrowing $180 million per hour because it has taken on more obligations than it could ever hope to satisfy — would it be better to extend that government’s credit line another $2.5 trillion so it can continue heedlessly along, or to take every available opportunity to force it to alter course dramatically?” There is only one right answer to that question.

Yet, try to fashion a policy position around that right answer, and what do you find? None less than the Dr. Sowell, as fine a mind as there is, warning that we can’t do the right thing because we’ll be wrongly blamed for the consequences. None less than the eminent Charles Krauthammer spouting the lamest of GOP talking points: Because Republicans only control one-half of one-third of the government, it is constitutionally problematic for House conservatives to continue demanding deeper spending cuts, to refuse to allow the nation to be driven trillions deeper in debt, and to treat an existential threat to our country as an existential threat to our country.

The only sure thing here is that there will be consequences. With due respect to Dr. Sowell and the Republican establishment that breathlessly cites him, there is no chance of sparing the country. The major economic disruption is already happening, and it stands to get far worse. Millions are unemployed, millions more are on public assistance, at unsustainable levels. The government has sharply devalued the dollar, and is gearing up for a third round of “quantitative easing” (more money created out of thin air). Like private-fund managers, our sovereign creditors, including China, Japan, and Great Britain, are showing increasingly less interest in buying our debt, so Treasury “borrows” (prints) mostly from the Fed — whose swelling $2.7 trillion balance sheet is reportedly leveraged 55-to-1. That’s twice what Bear Stearns and Lehman Brothers were leveraged when they failed. To entice real lenders, interest rates will have to be raised. That will add hundreds of billions to our debt service, wiping out the paltry “savings” the Boehner plan purports to achieve.

The pass we are at is not an avoidable disruption. It is a disaster that has already begun to unfold, reversal of which cries out for bold action. The Boehner plan, or any other scheme that balks at forthrightly dealing with our financial straits, merely makes it more likely that our nation cannot survive as we have known it. In the shorter term, the Boehner plan ensures that, when serious steps are finally taken, the metastasizing debt disease will be trillions worse, if not terminal.

Better we confront the problem now then wait for it to get so bad that the dosage of medicine will have to be toxic.

John Boehner and Mitch McConnell decided against early treatment and we will all end up paying for it. And it’s gonna hurt like Hell when the time comes.

The Left is already beginning to spin this whole thing in their favor, as Jeff Goldstein points out:

This “compromise” deal, which amounts to a vote for a near immediate raising of the nation’s debt in exchange for the promise to shave a trifling sum off future deficit spending (to put it into perspective, Obama’s “one-time” stimulus money of $1.6 Trillion is now a permanent part of the budget baseline; this deal, each year, would “cut” a rounding error off that), does nothing credit agencies were demanding; and so when the credit downgrade comes and interest rates inevitably rise, the Dems and the President will blame the GOP, claiming that it was their reckless “cutting” that caused the stalled recovery, taking revenues away from the government — who would have distributed it back into the economy — and giving it to millionaires and billionaires for their yachts and corporate jets.

Most to blame will of course be the Tea Party hardliners, who held the nation hostage like the terrorists they are and then, by insisting on tying cuts to a debt ceiling raise, took money out of an already anemic economy, triggered a worsening employment picture.

Already the ground has been laid for such a rhetorical strategy: the progressives are pretending to hate this deal; the media on both the left and right have focused their attention on the Tea Party extremists who’ve been holding up “compromise” (that CC&B plan that they were for, and that got more votes in the House than the Boehner plan? Well, because Reid wouldn’t let it come to a vote in the Senate, it’s like it never existed. And because it never existed, the Tea Partiers, who have resisted the kind of weak deal that doesn’t do a thing to address the actual fiscal problems, are obstructionists who just won’t compromise!); and the fallout from having not addressed those problems will be tied to the right, who is seen as dragging the left kicking and screaming into making a deal that the Democrats will tether to any credit downgrade.

Quislings Granny Mitch and Cryin’ John have helped make us the fall guys. The old cliche applies here: Give ’em an inch and they’ll take a mile. The Left always does. Are you two and your minions prepared to fight them every single day between now and next November? Excuse me if I doubt that you two will all of a sudden change your M.O.’s [when’s the next golf game scheduled with Obama, John?], especially considering what you told Scott Pelley, Mistah Speakah [tip of the fedora to Memeorandum]

Pelley: You were unable to get your own caucus behind your bill a few days ago. Do you intend to remain Speaker of the House?

Boehner: I do. When you look at this final agreement that we came to with the white House, I got 98 percent of what I wanted. I’m pretty happy.

Come one! Come all! And see: The Naked Face Of Establishmentarin Elitism.


One of the ways the Left has already been spinning this story is that they have been labeling the Right, in all but name, anarchists, accusing us of wanting to foster Chaos. As Victor Davis Hanson points out:

…the real nihilism comes from those who apparently wanted no limits on the debt they might run up and had no plan to pay it back. In one formula, we are borrowing $4 billion a day and have run up nearly $5 trillion in the first three years of this administration. To define questioning a debt of $16 trillion as heartless cutting is unhinged. The country is now in a surreal cycle of borrowing gargantuan amounts of money, and then almost automatically going ballistic should anyone suggest that we trim any of the new borrowing. Every new dollar borrowed instinctively becomes ossified and sacrosanct; as the hysteria arises not over the old baseline figures, but trimming the proposed rate of new borrowing. At what point would Obama and his team, if unchallenged, have stopped borrowing on their own? And at what point would they be happy with increasing taxes? … The massive borrowers are the real anarchists who apparently want to print money to the point that it is rendered of little value, or so gorge the government beast that vast new redistributive taxes will be necessary — an apparently good end, in and of itself, or create incentives and punishments through new formulas of federal spending and taxes that vastly alter the conduct of present-day American life. Reactionary nihilism best describes any who want to take the old welfare state of the 1960s and expand it to the point of implosion.

As Miss Bernhardt writes:

Obama is the enemy. Obama is a Marxist-Communist usurper and puppet front for a cabal of Marxist-Communists who are actively trying to destroy the United States of America. Everything they have done, are doing, and will do has the single goal of collapsing and destroying the U.S. economy, military, constitutional government and culture. What part of “Marxist Revolution” do you not understand?

The Obama regime is not a failure. The Obama regime is not incompetent. The Obama regime has achieved more in two and a half years than anyone could have possibly foreseen. It has debased the currency by 50% of the GDP and guaranteed that our economy will collapse. It has looted the Treasury for more than the size of a top-ten economy and embezzled that wealth into the hands of their fellow Marxists in preparation for the final collapse of the United States. It has ground the economy of the United States to a screeching halt. It has destabilized the entire Muslim world and ensured that there will be a nuclear war centered around Israel within the decade.

The Obama regime has no interest whatsoever in “stimulus” or “getting folks back to work.” How can you not understand this? How can we possibly win this war if we refuse to come to terms with the fact that we are in fact fighting a war.

Two and a half years into this Presidency, I think it rather obvious that she’s right. We are in a battle for the very survival of everything America stands for. The Leftists are aliens. They are estranged from the ideas, customs, and morality that animate The American Experience. They are like Anti-Matter: when their ideas come into contact with Reality [Matter], an explosion occurs.

One can always count on Admiral Smitty for an appropriate bon mot:

We have to unwind whole federal bureaucracies and entitlements, or we’re collectively, progressively touching ourselves in a very big way. But go ahead, America: this is what you’ve done in the past, and the Ruling Class has no indication you’ll do anything more than roll over again.

And one can always count of Jeff Goldstein to sum it all up in one, pithy sentence:

Shut up, Hobbits. And just sit back and embrace your inner Greece. (NTTATWWT).

Ramble on…

  1. 02 August 2011 @ 14:44 14:44

    “There is a massive tax increase effective January 1, 2013”

    I don’t think anything in this bill prevents a separate fight to prevent expiration of the Bush tax rates (aka the decade old status quo).

    Am I wrong?

    “Because the Only Good Progressive is a Failed Progressive”

  2. Adobe Walls permalink
    02 August 2011 @ 15:28 15:28

    The bill doesn’t stop that fight but as the expiration of the current tax rates looms closer it’s doubtful that obei make the same deal he did in December 2010 and I assume the Republican house will hold out for all rates continuing or none as they should. Of course a short extension could be a part of either of the two budgets battles that precede the 2012 election. If they expire and the Bolsheviks loose big in November 2012 IE; hold the house reach 60 in the Senate and take the White House of course, the current rates or even better tax reform would quickly follow. If the Bolsheviks don’t loose especially the White House it wont matter at all.

  3. 02 August 2011 @ 17:12 17:12

    What an excellent post, BB!

  4. bobbelvedere permalink*
    04 August 2011 @ 18:32 18:32

    Liberty / Adobe: I think the GOP in the Congress should take this stand: either make the Bush Tax Cuts permanent or we’ll let them expire and wait until we get control of the two branches. No more providing electoral cover in 2012 for the Left.

    Sometimes you’ve got to let Americans get whacked with that 2×4 upside the head before you can get their undivided attention.

    Smitty: Thank you.


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