U.S. Debt Ceiling: No Accountability, No Consequences, No Fix

Is it the lack of accountability?

The U.S. goes from surplus to multi-trillion dollar deficits. This is the result of Republican-led, Democrat-backed initiation of two wars under false pretenses. The wars were more than not funded, they were de-funded through the Republican/Bush-led tax cuts to the wealthiest taxpayers. De-regulation of the stock market created, in true Bush form, a Wild West, every man for himself circus in which we were the ball shot out of the cannon. Gas, oil and coal corporations also received tax-breaks and exemptions in almost direct inverse proportion to their huge profits. These profits were generated in part from the artificial futures market of petrol/gas based on the political instability brought about by the wars. Consequently, we have had to mortgage huge swaths of our economy to just keep our economies dog-paddling.

After all of this, now, the Republicans want to refuse to allow us to borrow more? 

There has been zero accountability for not only the false reasons for going to war (two of them!), deregulation or corporate tax-evasion/welfare. Because we refuse to hold ourselves accountable for the mistakes we have made, we will continue to dig the hole deeper. We can blithely allow ourselves and our representatives to say , do and vote for anything that expediently serves their electoral and donor interests because there is no sting in making a bad decision. Even if they don’t get elected, just the fact that one made it into an election cycle, if not even all the way through (Newt Gingrich, anyone?), they can land a well-heeled position on the corporate boards of hedge-funds and various lobbyists (the list is too, too long). It’s a win-win. For them. For the rest of us, we will not get off so easy.

The problem is that with no accountability, there is no way to know how, as a nation, to go forward or to fix the problem. We just carry on like hamsters doing the same thing over and over. Hence, the coming second economic crash as the housing and stock markets careen off as a second wave of securitizations mature.

This period will not reverse course, until we course correct and demand accountability.

~ by Thom on July 12, 2011.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: