Steve Benen remarks:
This wasn’t just another partisan dispute; it was a scandal for the ages. It’s the kind of thing that should scar the Republican Party for many years to come.
Indeed, consider the apparent consequences. This one radical scheme has helped lead to the first-ever downgrade of U.S. debt; it has riled financial markets and generated widespread uncertainty about the stability of the American system; and it has severely undermined American credibility on the global stage.
Continuing in the reality-driven world of sober adults, Tom Friedman in the NY Times explains,
Our slow decline is a product of two inter-related problems. First, we’ve let our five basic pillars of growth erode since the end of the cold war — education, infrastructure, immigration of high-I.Q. innovators and entrepreneurs, rules to incentivize risk-taking and start-ups, and government-funded research to spur science and technology.But I'm not hopeful, based on what just happened. In fact, I am sadly confident that the Republicans in Congress are incapable of responding appropriately. Indeed, they thrive on ignorance.
…For us to effectively compete…required studying harder, investing wiser, innovating faster, upgrading our infrastructure quicker and working smarter.
Instead of doing that at the scale we needed — that is, building muscle — we injected ourselves with massive amounts of credit steroids…
There is no easy, one-policy fix. We need to help people deleverage, cut some spending, raise some revenues and reinvest in our growth engines — as an integrated strategy for national renewal. Something this big and complex cannot be accomplished by one party alone. It will require the kind of collective action usually reserved for national emergencies. The sooner we pull together the better.
People voted for these bozos. It's ultimately the voters' fault. This is what we get now, if you vote for anyone with an "R" after his name. It's a shameful decline of a political party. And craven as the Democrats are, I don't see how they could have negotiated more effectively, when the opposition was fully prepared to pull the trigger.
|Image from MoveOn|