August 1, 2011

What NOT to Worry About in Debt-Limit Battle

Investors' Ed Page gives us Five Big Debt Debate Lies:

- Aug. 2 is the drop-dead deadline
- We risk defaulting on the debt
- Social Security payments are at risk
- A long-term debt ceiling hike is a must
- Obama wants a deal

Falsehoods all, say the editors at Investors. This last is the reason IBD urges the TEA Party Caucus to "declare an imperfect battlefield victory in 2011 and regroup for the more important struggle of defeating President Obama in 2012." But if the limit isn't raised there is no real danger for the government cutters, only a prospective demagogic one.

Obama Administration Posted by JohnGalt at August 1, 2011 2:57 PM

What time is it kids? It's tortured ThreeSources Analogy Time!!! Woohooo!

The odds are pretty good in Russian Roulette as well. There is probably not a shell in the chamber. Eighty three percent chance you're gonna be fine. Pull the trigger, Republicans! C'mon!

Posted by: jk at August 1, 2011 3:12 PM

I dunno, this doesn't really seem like political suicide for debt hard-liners to me.

Obama: down
Boehner: down

Dems on Obama: down
Reps on Boehner: up

Beside the fact that Obama won't be running against Boehner or anyone else in congress. Where is the evidence that the electorate is or may have second thoughts about restraining government? If anything this shows that effort needs a boost.

Posted by: johngalt at August 1, 2011 5:25 PM

The Refugee is not crazy about this deal. Both John McCain and John Kerry strongly support it - 'nuff said.

However, getting a $900 billion reduction while controlling just 1/2 of 1/3 of government is not bad (although we are still going further into debt). The future result will largely depend on the make-up of future Congresses and the White House. We have to win 2012 and taking this deal gets that process started.

Posted by: Boulder Refugee at August 1, 2011 6:28 PM | What do you think? [3]