The Debt Crisis

Have to say something somewhere about this.

First, there is the existential despair created by the entire crisis.  The Tea Parties 25% membership in the house does NOT give them the right to set the political agenda in our country.  But it seems to be working that way, and their lunatic prescriptions for out economic problems - well, existential despair.

Krugman's NYT column today (7/29/2011) pretty much sums it up, with over eight hundred comments so far this afternoon. (Final total 885, Saturday morning). The usual mix of insight and applause, and a few fringe Republican true believers, who dismiss his arguments as the ravings of a liberal who just doesn't understand.  About balanced by the leftists who insist ending all our military commitments would solve our fiscal problems.  The Tea Party represents a lunatic fringe, or sock puppet for the plutocrats (or both);  The end all military expenditures is a similar lunatic position, which has not gained media traction.  If only the Tea Party faction was similarly consigned to the tin foil hat department.

But it looks like they will have the unintended effect of trashing our economy;  The cuts alone being proposed will have that effect.