Burr gets it wrong on debt

And that wrongness is part of the reason for S&P's downgrade:

"Tonight's decision by S&P underscores my concerns throughout the duration of the recent debt debate - that we need to make meaningful cuts in spending, reform our entitlement programs, and simplify our tax code to lower rates if we have any hope of putting our nation back on the path to fiscal responsibility.

Why don't we see what Standard & Poor had to say about those "lower rates":

We lowered our long-term rating on the U.S. because we believe that the
prolonged controversy over raising the statutory debt ceiling and the related
fiscal policy debate indicate that further near-term progress containing the
growth in public spending, especially on entitlements, or on reaching an
agreement on raising revenues
is less likely than we previously assumed and
will remain a contentious and fitful process.

Of course they didn't say a damned thing about cutting taxes, because they know that's part of what brought us to this point:

Compared with previous projections, our revised base case scenario now
assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012,
remain in place. We have changed our assumption on this because the majority
of Republicans in Congress continue to resist any measure that would raise
revenues, a position we believe Congress reinforced by passing the act.

It's not just the lack of any substantial proposed revenues that bothers the S&P, it's the knowledge that Republicans won't even entertain the idea that drives them to make such a negative assessment.

Part of me wants to blame the Tea Party for this intransigence. But as we've demonstrated time and time again, that movement has been subsidized, energized and plagiarized by the wealthy few who want to continue siphoning resources upwards. And those "Don't Tread On Me" flag-wavers give the puppets of the rich in Congress the excuse to act against the needs of our country.

As for Richard Burr: How many times does he have to lie to the people of North Carolina before we sit up and take notice? Are we that gullible and stupid? That's not just a rhetorical question; I really want to know.

Comments

Raise some god damn taxes

The whole catastrophe, both here and in Europe, could have been avoided by simply layering in a higher top-tier tax rate for zillionaires. They wouldn't have even noticed, but the rest of us ... including most of the world's economies ... would have been solvent and stable instead of screwed and sinking.

Or at least go back

to the days before Bush's "great experiment". An experiment that failed miserably, if the real intent was what they said--to spur growth and create jobs by putting money back into the hands of the titans of industry.

But since learning from our mistakes appears to be a dying trait of our species, I don't see that revenue thing being fixed anytime soon.