Obama Accepts the Agenda of Misguided Washington Elites | Debate Club | US News Opinion: "Unfortunately, rather than deal with the reality – that we need deficits to sustain demand in a context where the private sector will not do it – the politicians in Washington have gotten hysterical. This is like complaining about our use of water when the school is on fire with the kids still inside."
The obsession with deficit reduction and austerity budgeting will probably kill the feeble economic growth we are now experiencing, just like it has done in every European country that tried it. That will cause a lot of suffering, but in Washington these days they don't seem to know or care much about the real situation that ordinary people face. That goes for both parties in Congress and the Obama administration.
Banks get bailouts, commit foreclosure fraud and even major crimes, and get slaps on the wrist. Ordinary people lose their wealth and their jobs and face foreclosure. Now a Democratic president is volunteering to cut Social Security in order to look sufficiently credible to tax-phobic rich people, whose incomes and wealth have grown spectacularly over the last three decades. Cities go begging to private investors for money to rebuild crumbling infrastructure. Teachers are being laid off and students are giving up on going to college because it is too expensive. Climate change is so far advanced that we need policies aimed at adapting to it, because at this point it can't be reversed--but instead we have congressional committee chairs who think it is a socialist hoax.
And in Washington, the big issue is deficit reduction? Quite a political system we have here, isn't it?