The Daily Bell provides a good source of common sense by cutting through our mainstream media BS and providing more realistic interpretation of events. Their recent take on the budget cuts is not positive:
[S]erious critics are beginning to emerge who point out that many of the so-called cuts touted by Republican House Speaker John Boehner (closely identified with the bill) are book-keeping items. They sound good on paper but actually don’t mean anything. Thus the actual reductions in spending are far less than US$39 billion, which itself only shrinks the federal budget by about 1%.
They also point to a growing backlash amongst Republicans (one would certainly hope so):
Washington Examiner reporter Susan Ferrechio posted an article yesterday that claims that the Republican backlash is growing:
The GOP must push through the 2011 spending bill despite growing opposition from some Republican lawmakers who say it cuts far too little … Many fiscal conservatives, including Reps. Mike Pence, R-Ind., and Jim Jordan, R-Ohio, have both announced they will not back the 2011 plan because it cuts only $38.5 billion, a historic amount for a single-year reduction but about $23 billion less than what Republican lawmakers said was needed to fulfill their campaign pledge to reduce spending to 2008 levels. Jordan … said he expects significant GOP opposition when the 2011 budget comes up for a vote.
In their opinion (and mine), it is doubtful that the problems can be cured via the normal political process:
[T]he larger problems likely have to do with the corruption of the democratic process, the implementation of an American central bank (the Federal Reserve) and political and legislative trends that have gradually eviscerated American society and prudential public management for a century or more. In other words, the issues are way beyond the normal political dialogue.
Time is too short to educate the dolts in Washington. It would take two or three “throw the bums out” election cycles for them to understand that the citizens of the country are fed up with their profligate ways. Neither party is smart enough or has the courage to change the ending. We are too far along!
Economic education be administered via markets which will use a great big club and not a carrot.
I never thought that I would think and write this. If our elected representatives cannot save our republic from bankruptcy and anarchy, and America collapses economically, then the only institution that can restore order is the U.S. Armed Forces. Should they continue to be subject to civilian control which was responsible for the collapse. Should we welcome Seven Days in May?
The Republicans as a whole are not serious. Perhaps they are slightly less profligate, but 1% less is negligible. I think they will be surprised how fast the house of cards will crumble and how their power will be taken away from them. Once the dollar loses its value, the US tiger will have lost its teeth and its claws. When Rome fell in 410, people were shocked. Yet today, people don’t realize what’s going to happen because they haven’t been listening to historians like Niall Ferguson. Yet Obama goes to Libya and wastes a bunch of missiles–perhaps you better save them, who knows when you will be able to pay for another one.