Putting Out The Fire With Gasoline

Reversion
If we just let all income tax rates revert to what they were during the era that should be called the Clinton Prosperity, a debt problem that now may seem overwhelming suddenly looks quite manageable. (Eugene Robinson, Washington Post, 8/4/2011)


Thanks to Robinson for reminding us again that the problem is "the rich."  If they would simply pay more taxes then there would be no debt problem.  Of course, there would be no more rich, but that is not a concern of Redistributionist Robinson.


Reduction
Credit rating agency Standard & Poor's says it has downgraded the United States' credit rating for the first time in the history of the ratings. The credit rating agency says that it is cutting the country's top AAA rating by one notch to AA-plus. The credit agency said late Friday that it is making the move because the deficit reduction plan passed by Congress on Tuesday did not go far enough to stabilize the country's debt situation.  A source familiar with the discussions said that the Obama administration believes S&P's analysis contained "deep and fundamental flaws."  (New York Times, 8/5/2011)


This may be then the ultimate legacy of the Obama Presidency.


Gripping
The Democratic National Committee is seeking to define the opening phase of the 2012 campaign as a debate over leadership, arguing in a memo that the leading GOP presidential candidates are gripped by "ideological intransigence and pandering,” and have ducked difficult issue debates. In a document addressed to Sunday television show producers, DNC communications director Brad Woodhouse writes that the Republican candidates are “failing to lead on the issues,” pointing to the debt ceiling debate as proof.  (Politico.com, 8/5/2011)


Good luck to the DNC in trying to sell this one.  Anyone who thinks that Obama 'led' on the debt ceiling discussion was simply not paying attention.