Liberals Are Ungrateful Whiners, Really Mr. Obama, Really?
It appears that Wall Street will get the bill that they have wanted all along. Please do not be fooled by the complex charade that is taking place on Capital Hill. Although Wall Street put up a nominal fight, this was the mother of all point-shaving scams. In the game of Wall Street versus Main Street, Wall Street still wins the championship.
Although the margin wasn’t as big as we expected, they still get to go to Disney World, while the rest of us make our way from our foreclosed homes into tent cities. Don’t forget to save your grub worms. Your canned beans become barely edible with a little protein in them.
How did we reach this current state of affairs? Why has the current administration gone out of its way to ensure Americans that these tepid regulations are actually going to prevent the next financial meltdown? This bill is a flawed blowout preventer.
If, (more than likely, when), the economy blows up again, we will lament the fact that we purposely enacted legislation that was ill equipped to handle the fallout. Despite evidence to the contrary, the recovery is slowing. The rush to declare the recession over was deliberately premature.
What makes all of this particularly galling is the blocking of a $33 billion extension of unemployment benefits. Republicans, and some Democrats, are calling for these costs to offset elsewhere in the budget. I would point out the blatant hypocrisy of their newfound adherence to fiscal discipline. However, that has already been thoroughly documented.
Americans can be intuitive at times. Despite conservative attempts to demonize the unemployed, with a plummeting housing market, a rising foreclosure rate, and a decrease in consumer confidence, Americans know that the line between employment and unemployment is thinner than ever.
Now whom do we blame? Reasonably, we could blame the Obama administration. Besides pushing a weak stimulus through Congress, Mr. Obama also over-hyped the supposed benefits of the package, predicting that unemployment would not get much higher than 8%. Now that the unemployment rate is hovering between 9.5-10%, his administration has lost the credibility needed to advocate for a second stimulus.
Instead of promoting the stimulus as a cure-all, they should have proposed it as the first measure in their comprehensive strategy to get the economy back on track. Everything that they have done since, including the unemployment extensions, appears reactive instead of predictive.
Of course, Republicans share a large portion of the blame because of their cynical election strategy that seems to be “Let them eat cake as we take back Congress and the White House.” The Democratic base is understandably angry because rather than govern, it appears the Dems have allowed themselves to be hamstrung by Republican obstructionism.
Ezra Klein stated that this would go down as one of the most productive Congressional sessions in decades. If our calculus is that something is better than nothing, then I agree. However, if we are measuring potential versus results, then this session is an unmitigated failure.
As usual, I am at a loss for how to move forward. Liberals (excluding myself and a few others) believed that Mr. Obama would actually work to enact progressive legislation and worked hard to elect him. Instead, President Obama has governed from the pragmatic center and liberals were scolded as naive children for believing that anything other than governing from the center was possible.
It will be a long time before the country is again ready for transformative change. Things will probably have to get worse than they are now. Do we sit on our hands and wait for the world to end? Thoughts?
Read this Politico article to understand the bullshit narrative the administration is pushing.