Recommended Reading

This statement by Economic Policy Institute President Lawrence Mishel on the proposed agreement to raise the debt ceiling is really great in succinctly explaining why it's so failful. I'm not even going to try to blockquote it, because it really just needs to be read in its entirety.

David Frum (I never imagined I'd link a piece by Frum under the heading of Recommended Reading, lulz): Wake up GOP: Smashing system doesn't fix it.

I'm a Republican. Always have been. I believe in free markets, low taxes, reasonable regulation and limited government. But as I look back at the weeks of rancor leading up to Sunday night's last-minute budget deal, I see some things I don't believe in: Forcing the United States to the verge of default. Shrugging off the needs and concerns of millions of unemployed. Protecting every single loophole, giveaway and boondoggle in the tax code as a matter of fundamental conservative principle. Massive government budget cuts in the midst of the worst recession since World War II.

...Republicans have become so gripped by pessimism and panic that they feel they have nothing to lose by rushing into a catastrophe now. But there is a lot to lose, and in these past weeks America nearly lost it.

Krugman answers the question, inevitably intended to be a belligerent conversation-stopper, about what he would have done in the president's position:

I would have made a statement declaring that giving in to this kind of blackmail would constitute a violation of my oath of office, and that my lawyers, on careful reflection, have determined that there are several legal options that allow me to ignore this extortionate demand.

Now, the Obama people say that this wasn't actually an option. Well, I hate to say this, but I don't believe them.

...Why, at this point, should anyone trust these people when they say that they did all they could?

It's much, much too late for Obama and co. to say "Trust us, we know what we're doing." My reservoir of trust is now completely drained. And I know I'm not alone.

Indeed not.