Yet another truly foolish installment in the games played by political leaders is playing out with the sequester dance. Please, c’mon, to quote John McEnroe “You can’t be serious.” But, apparently they are.
This was summed up well by Paul Krugman:
Here’s how it happened: Republicans engaged in unprecedented hostage-taking, threatening to push America into default by refusing to raise the debt ceiling unless President Obama agreed to a grand bargain on their terms. Mr. Obama, alas, didn’t stand firm; instead, he tried to buy time. And, somehow, both sides decided that the way to buy time was to create a fiscal doomsday machine that would inflict gratuitous damage on the nation through spending cuts unless a grand bargain was reached. Sure enough, there is no bargain, and the doomsday machine will go off at the end of next week.
There’s a silly debate under way about who bears responsibility for the sequester, which almost everyone now agrees was a really bad idea. The truth is that Republicans and Democrats alike signed on to this idea. But that’s water under the bridge. The question we should be asking is who has a better plan for dealing with the aftermath of that shared mistake.
And it fits in well with my revised edition of “It’s Raining, We’re Being Peed On: The Scam of the Deficit Crisis”. There simply isn’t a debt or deficit crisis and political leaders are playing this very foolish and devastating the lives of regular people.