'Twas the Day after Christmas

Good verse, piggyheart, (0.00 / 0)

but I'm not so sanguine as you about Mr. Obama. He is going to do a "Nixon to China" play and lead the charge against the safety net (SS, Medicare, Medicaid, etc.). This will give the Republicans cover for the thing they have been after for 80 years. That is, the unraveling of the entire New Deal and Great Society advances. Obama is not only "willing to compromise" on these issues, he actually wants to cut the safety net and thinks it is necessary. He has been suckered by the same mythology and Big Lie as have most of main stream economists and the public. That Big Lie is that the Federal government is "running out of money".

Since the Federal government is the monopoly issuer of dollars, there is NO WAY the government can run out of money. The government always has the ability to create dollars to buy any goods and services for sale in dollars and can service any level of debt denominated in dollars. (And, since all our debt is in dollars, it is not an issue or a "burden". The Fed could pay it all off tomorrow. And, no, that would not be inflationary.)

In addition, Social Security does not add to the deficit, it can't by law. And the models used for predicting the growth of Medicare have some very serious design flaws that invalidate their results and forecasts.

It's really all just a Great Betrayal instead of a Grand Bargain. 

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by: zman-mobile @ Wed Dec 26, 2012 at 15:44:41 PM UTC

I disagree with you zman (0.00 / 0)

I think he will protect what we have worked for.  Only time will tell.

Only after the last tree has been cut down. Only after the last fish has been caught. Only after the last river has been poisoned. Only then will you realize that money cannot be eaten. Cree Nation Tribal Prophecy

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by: piggieheart @ Thu Dec 27, 2012 at 00:24:38 AM UTC

[ Parent ]

Okay, watch (0.00 / 0)

what he says and does.  Obama has put SS, Medicare, etc. on the table as bargaining chips.  I wish I could agree with you, piggieheart, but I just don't see it.  As long as he talks about ANY reduction in SS benefits, such as switching to "chained CPI", instead of taking SS off the table completely, and defending it, I think we'll see him lead the charge against the safety net.

Obama sees his legacy as "The Great Compromiser" and he's willing to gut the hard-won social welfare state in order to achieve that legacy. 

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by: zman-mobile @ Thu Dec 27, 2012 at 13:28:23 PM UTC

[ Parent ]

Bravo! And I, for one, agree with you. (0.00 / 0)

I'm pleased and proud we've got President Obama!

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by: Gayla @ Wed Dec 26, 2012 at 17:46:56 PM UTC

thanks (0.00 / 0)

enjoyed that. 

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by: ivan @ Wed Dec 26, 2012 at 18:23:45 PM UTC

Long time (0.00 / 0)

My friend and worthy adversary. Hope you had a Merry Christmas and wish you the very best in the new year.

All that is necessary for the triumph of evil is that good men do nothing.
Edmund Burke

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by: Old Prosecutor @ Thu Dec 27, 2012 at 03:48:10 AM UTC

O, Old Prosecutor... (0.00 / 0)

Have we not had our moments over the years?  I am drifting away from LIA, by virtue of my increased involvement in Florida issues, but will continue to monitor hot buttons up here, and comment from time to time. Wishing you well in all your pursuits.

Only after the last tree has been cut down. Only after the last fish has been caught. Only after the last river has been poisoned. Only then will you realize that money cannot be eaten. Cree Nation Tribal Prophecy

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by: piggieheart @ Sat Dec 29, 2012 at 04:03:52 AM UTC

[ Parent ]