Saturday, July 30, 2011

The debt debate commentary

It seems all the commentary about the debt debate in the popular media is focused on the Republicans in Congress, especially the "teapartiers"; that they are obstructionist, endangering our credit rating in the name of principle, and so on. What is absent from the commentary is Democrat intransigence; they digging in their heels to protect their spending programs. Bill Clinton even urged the use of the Fourteenth Amendment (Clause 4) to unilaterally raise the debt limit. After all, Congress did authorize the spending in the first place.

What's not being acknowledged—past Congressional actions and who was in control aside—is there is a new sheriff in town. The mindset about spending needs to change. Previous spending authorizations can be rescinded. The growing Federal debt needs to be of greater concern. Going the way of the PIIGS needs to be feared.

The popular media at least needs to get it.

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