By William K. Black
(Cross-posted and Benzinga.com)
Chris Matthews considers it urgent and essential that President Obama and House Speaker Boehner reach what they call a “Grand Bargain” that would impose an austerity budget and begin to unravel the safety net. Why is it essential? Matthews provided no analysis or discussion. It was simply obvious that austerity and beginning to unravel the safety net were essential because otherwise we would face budget austerity via the so-called “fiscal cliff.” The form of austerity imposed by the fiscal cliff would throw us into recession, increase unemployment, increase the budget deficit and the debt, cut social programs (and military spending), but not unravel the safety net. If you think that adopting even greater austerity plus far more severe cuts to social programs and the safety net (i.e., what I term the “Great Betrayal”) in order to avoid “fiscal cliff” austerity is logically insane – then you might be rational. Matthews, however, thinks that ability to use logic makes you a problem. Continue reading →
