August 1, 2011

The President Surrenders on Debt Ceiling

Paul Krugman:

“In the long run, however, Democrats won’t be the only losers. What Republicans have just gotten away with calls our whole system of government into question. After all, how can American democracy work if whichever party is most prepared to be ruthless, to threaten the nation’s economic security, gets to dictate policy? And the answer is, maybe it can’t.”

Last night’s announced “deal” to raise the US Treasury’s debt limit is evidence that a small, vocal and ill-informed group of like-minded rabble rousers (literally) can not only take hostage a major American political party, but the executive branch, investment markets and the world’s shared economy, as well. It is not a deal, it (like extending the Bush tax cuts) is a capitulation.

No good will come from electing anyone who ran on the “Tea Party” platform.