Fiscal crisis? What fiscal crisis? The stock market is up, unemployment is down and the deficit is shrinking.
The Great Debate
The sequestration drama in Washington is less severe and intractable than you have heard. A partial solution: Block the across-the-board cut of $42.5 billion in military funds this year — the Pentagon’s portion of $85 billion due March 1 — and spread the savings over several years by tweaking military spending caps already on the books.
To all the vaunted traditions of the absurd partisan charade in Washington, we can now add another: Republicans attacking President Barack Obama for the results of their own policies. Most recently we saw it last Wednesday. No sooner did the Bureau of Economic Analysis (BEA) announce Wednesday morning that our gross domestic product had shrunk by 0.1 percent in the last three months of last year than Republicans began disseminating misleading talking points.
President Barack Obama pledged to cut the deficit in half by the end of his first term. But because he focused on political gimmicks, rather than real reform, we’ve seen trillion-dollar deficits and nearly $6 trillion added to the debt instead. Based on what we heard from the president at a news conference Tuesday, his unserious attitude is likely to continue.
As the 112th Congress came to a close last year, bipartisanship made a rare showing. The U.S. inched its way up to the fiscal cliff, but Congress voted to yank the country back, with 85 House Republicans voting not to reinstate the Bush tax cuts for individuals who earn more than $400,000. It was a rare moment of bipartisanship, however begrudging, for a Congress that has steadily become more polarized in the past 30 years.
2012 was the first class-warfare election of our new Gilded Age. The first since the middle class has come to understand, in the words of new Senator-elect Elizabeth Warren (D-Mass.), that the “rules are rigged against it.” Business-as-usual may no longer be acceptable.
We are careening toward Dec. 21, 2012, the date of the Mayan apocalypse, when the world is supposed to come to an end through a series of cataclysmic upheavals, according to assorted astrologers and mystics ‑ though not the Mayans themselves, who said it was merely the end of their calendar. We are also hurtling toward the Jan. 1 “fiscal cliff,” when the American economy could re-enter a devastating recession ‑ a man-made mini-apocalypse.