The debt ceiling deal struck last night does not tax the rich or even allow temporary tax cuts on the rich to expire. Nor does it defund any wars. Yet it requires cuts of $1.2 trillion now and $2.5 trillion over a decade. Details of much of the cutting will be worked out by a new 12-member Super Congress empowered to cut any spending, 
and to force a rushed vote with no amendments on whatever it proposes to the actual Congress. And if that anti-democratic procedure fails, cuts will happen automatically. Half of those cuts might be to the military, but I’ll believe that when it happens, and the devil will be in the details - details being rammed through under the gun of a crisis manufactured by radical conservatives. Obama gives us credit for solving this problem, "The voice of the American people is a powerful thing," but this solution does not help anyone except the corporate wealthy. This is a terrible deal that will increase unemployment, further burden the overburdened state and municipal governments, who will in-turn have to cut services, and move the United States closer to being the banana republic desired by the rich and their tea-party dupes. We’re in real trouble.
We are screwed. No doubt about it. It really is hard to believe that not one dollar is raised in taxes to the most wealthy in the country, but the burden of the tax cuts will be on those who can afford it the least. And the Republican Party is proud of the no new tax. Revenues have to be raised as well as spending cut to balance this thing out. Just like the deal cut in Minnesota, nothing has been solved, just delayed. The rich will become wealther and the rest of us will be screwed.
ReplyDelete