The Suckiness Of The Potential Budget Deal In Two Graphs
From Mark Thoma at Economist's View:
Why, again, are we spending so much legislative time trying to figure out how to cut the deficit in the short-run -- which will make things even worse -- instead of focusing on job creation? We do need to get the budget under control in the long-run, but deficit reduction can wait until the economy is on better footing. We need more help for job markets right now, not the creation of additional headwinds that work against the recovery.
So, focusing on short-term deficit reduction now makes no sense because it will hurt employment. Why is the Obama Administration pursuing a deal to achieve what amounts to anti-stimulus?
At this point, the unemployed are more likely to drop out of the job market than to actually get a job.
From Calculated Risk.
And then the potential budget deal to reduce the short-term deficit sucks -- most likely aggravating inequality (because increasing revenue is not really on the table) and likely hurting employment and the safety net.
From Ezra Klein at the Washington Post.
Worse, I think, is the failure of anyone in power to actually point out that the goal is idiocy and that the potential deal sucks. Obama has adopted the insane Republican view of the federal budget and associated erroneous and misleading talking points for reasons that escape anyone that has a clue.
Even politically it's dumb. Rhetorical (and stupid) question: Can any sentient being believe that cutting spending now will stop the Republicans from screaming "Obama has done nothing about jobs" come November?
And, this time the Republicans will be right.
(If you would like a reminder of why this is so depressing, read this.)
Ah well.
