After weeks of haranguing, arguing, bickering and name calling, the contrived debt crisis has come to an end. The compromise bill made it through the House, was passed by the Senate, and has been signed into law by President Obama…and now that it’s all over, both sides are saying that the other side won. After all, we wouldn’t want our politicians to go without drama for too long.
But the truth is, as the dust continues to settle from the Debt Ceiling Debate of the Century, it is becoming increasingly clear that no one has won. Everybody loses.
The Democrats are lamenting the fact that, despite their constant fear-mongering and class warfare hype, they didn’t get their coveted tax increase. The Republicans are lamenting the fact that the budget cuts included in the plan are too watered down to do any good – in reality, they aren’t budget cuts at all; they just slow the rate at which government spending grows.
So in the political “sides” of the debate, both lost. The Democrats would like us to think that the Tea Party won – after all, they got “budget cuts” while avoiding tax increases, but the Tea Party Congressmen (most of them, anyway) were the architects behind Cut, Cap and Balance…and this compromise deal is a far cry from CCB.
But, as always tends to happen when the politicians play their grand games, the real losers are the people of America. As Rush Limbaugh put it, the entire circus was a total waste of time and effort.
“The President called for a ‘balanced approach.’ But the American people are calling for a balanced budget.”
Before the compromise bill, our government was spending more money than it brought in. This is the root of our problem. After the compromise bill, our government is spending more money than it brings in. We’ll go through this same debt ceiling crap in another few years (or maybe even months), and then another few years (months) after that. If significant spending reforms are not enacted soon, our nation’s credit rating will be downgraded, interest rates will rise, and our economic situation will go from bad to worse.
Categories: debt ceiling