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Tuesday, 2 August 2011
The US has just gone through one of its periodic bargaining sessions, involving the President, the House and the Senate. Much ado about nothing occurred, and then a deal was cut and disaster averted.
Meanwhile, back at the ranch, progressives are bemoaning the death of liberalism, the death of democratic principles, the death of hope, and the death of the Obama presidency.
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| Paul Krugman |
In the forefront of the wake strides PaulKrugman, who in Cassandra tones has proclaimed the end of the world as we know it:
A deal to raise the federal debt ceiling is in the works. If it goes through, many commentators will declare that disaster was avoided. But they will be wrong.For the deal itself, given the available information, is a disaster, and not just for President Obama and his party. It will damage an already depressed economy; it will probably make America’s long-run deficit problem worse, not better; and most important, by demonstrating that raw extortion works and carries no political cost, it will take America a long way down the road to banana-republic status.
Tsk!
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