July 31, 2011

Someone Needs To Blink

The country is in a state of suspense the likes of which I haven't seen since the Cuban missile crisis. I remember back then waiting by the radio as the Russian ships steamed towards the blockade line. If they crossed the line, nuclear war was just a half-step away and with it the end of life on the planet as we knew it. Fortunately, the Russians blinked first. The ships turned around, and the crisis was averted.

The current crisis over raising the debt ceiling is at a similar point. If we get to August 2 (or whatever date it turns out to be) without a clear solution in sight, then our financial system will go nuclear and the fallout will affect every household.

Someone...anyone...everyone...needs to blink.

The Republicans are right. We aren't cutting deep enough. The level of cuts proposed don't even begin to address the problem. Current and future social safety net programs must be reduced in size and scope. Discretionary spending must be cut even further. Protracted overseas military engagements must seen for what they are...a debt payable in treasury and blood that must be incurred only in the gravest of circumstances.

The Democrats are right. We need to increase revenues. Long-term we can reform the tax code to make everyone pay their fair share of taxes, but right now we need to reduce or eliminate obsolete corporate tax breaks and take away some of the Bush tax cuts that clearly haven't delivered the promised economic prosperity.

Someone...anyone...everyone...needs to blink.

No comments:

Post a Comment