By William K. Black
(Cross-posted at Huffington Post)
Robert Kuttner has written much of the column I intended to write on this subject, so I will point you to his excellent column and add a few thoughts.
Kuttner wrote to warn that Obama intends to seek a “grand bargain” causing the U.S. to adopt the type of austerity program that threw the Eurozone back into a gratuitous recession.
Posted in William K. Black
Tagged grand bargain, great betrayal, safety net, Social Security
Bob Woodward’s releasing a new book, so we are now seeing articles based on it. A few days back, The Washington Post published the “Inside story of Obama’s struggle to keep Congress from controlling outcome of debt ceiling crisis.” This account is a pretty downbeat one of how our political leaders and President Obama handled the debt ceiling crisis of the summer of 2011. I want to comment on what for me was the most salient point: that during the crisis, the President had no “Plan B” to get around the debt ceiling beyond negotiating a deal with Congress.
Posted in Joe Firestone
Tagged 14th Amendment, Bob Woodward, CNN, debt ceiling crisis, deficit reduction, deficits, entitlements, grand bargain, Jack Balkin, MMT, modern money theory, national debt, paul jay, PPCS, President Obama, Proof Platinum Coin Seigniorage, Social Security, Trillion Dollar Coin, Yves Smith
Who else thinks the President’s speech didn’t include any plans to create the 29 million full-time jobs for the dis-employed? Please raise your hand!
About jobs he said:
”We can help big factories and small businesses double their exports, and if we choose this path, we can create a million new manufacturing jobs in the next four years.” Continue reading