Once again, McCarthy pulls no punches in being perfectly correct:
You could call this a cruel joke on a country that is already well over $14 trillion in debt — a country in which every newly born child opens his eyes as a debtor, well over $30,000 in the hole. But that would be premature, because I haven’t gotten to the punchline yet. The reason Speaker Boehner and the Republican establishment have suddenly stirred themselves to “cut” spending is their determination to keep the Ponzi scheme going. The “cuts” — less than $100 billion of which are real (the rest are consigned to the illusory “out years,” meaning they’re the responsibility of some future Congress) — are to be made in exchange for giving the government the authority to borrow another $2.5 trillion.
This will last only a few months because, at a rate of about $46,000 per second, the United States sinks $4 billion deeper in debt every day. But the $2.5 trillion stands to get President Obama through reelection without having much more attention called to his starring role in our dire straits.
To Thomas Sowell, the Boehner plan seems commendable because it would not only “spare the country a major economic disruption” but also “spare the Republicans from losing the 2012 elections by being blamed — rightly or wrongly — for the disruptions.”
Rightly or wrongly. In a nutshell, that tells us everything we need to know about the state of Obama’s opposition. Even our best minds assume that a principled stand taken for the right reasons is a loser. Standing in the midst of what is already a catastrophe, even our best minds are content to pretend that the “disruption” is something from which we can be spared.
Ask any rational person: “When a government is so addicted to reckless spending that it has run up a crushing $14.3 trillion debt that it has no plan to pay back — when it is borrowing $180 million per hour because it has taken on more obligations than it could ever hope to satisfy — would it be better to extend that government’s credit line another $2.5 trillion so it can continue heedlessly along, or to take every available opportunity to force it to alter course dramatically?” There is only one right answer to that question.
Yet, try to fashion a policy position around that right answer, and what do you find? None less than the Dr. Sowell, as fine a mind as there is, warning that we can’t do the right thing because we’ll be wrongly blamed for the consequences. None less than the eminent Charles Krauthammer spouting the lamest of GOP talking points: Because Republicans only control one-half of one-third of the government, it is constitutionally problematic for House conservatives to continue demanding deeper spending cuts, to refuse to allow the nation to be driven trillions deeper in debt, and to treat an existential threat to our country as an existential threat to our country.
The only sure thing here is that there will be consequences. With due respect to Dr. Sowell and the Republican establishment that breathlessly cites him, there is no chance of sparing the country. The major economic disruption is already happening, and it stands to get far worse.
The American Experiment is over, finished. It failed. And the fault lies not in our stars, but in ourselves. Further proof, as if any were needed:
In any event, every equation has two sides. In the debt/spending equation, we are obsessed with the wrong one. The blunt truth is that, while some increase in the debt ceiling may be necessary, a $2.5 trillion increase would be inexcusable. And to grant a $2.5 trillion hike for no better reason than that this is what Obama needs to avoid having his suicide spending spree re-examined before Election Day would be truly insane.
The saddest thing about Thomas Sowell’s take on all this is not his suggestion that the political fallout of the debt controversy trumps the substance of the debt problem. It is his intimation that the truth can’t win. I doubt he would have much disagreement with the numbers I’ve laid out, or what they portend. What he seems to be saying, though, is that conservatives are either so incapable of making this case, or so overmatched by the left-wing media, that being right no longer matters. He seems to be saying that this argument cannot be won, even with the facts on our side.
Read all of it. His conclusion is sobering, and also perfectly correct.