In the aftermath of Tuesday's debt deal, liberal commentators and members of the Congressional Progressive Caucus are furious at radical Republicans for hijacking the debt debate and forcing President Obama's "surrender." But, as Daniel Markovits writes in his piece, "How the GOP lost on the debt deal," published yesterday in the Los Angeles Times, it's a wonder things didn't end up a whole lot worse for the left, considering the Tea Party's extremist negotiating tactics.
Perhaps most importantly, Republicans can no longer bolster their hand with the ultimate bargaining chip: the threat of default. When a bipartisan commission meets this fall to negotiate further budget cuts, anti-tax hawks will no longer hold the power to shove the economy into the ditch; they will settle instead for indignant sound-bytes and symbolic bluster. Though the President is disappointed that Washington wasn't able to grow up and stitch together a bigger deal, the fact remains that the nation has escaped with Medicare, Medicaid, Social Security, and education grants - the pillars of our social safety net - fully intact.
I'm concerned that this looming sense of negativity is becoming a contagion. Judging from today's dismal stalk market report, Wall Street seems to have already caught this bug of negativity. Newscasters and politicians complain so noisily about the pessimistic state of our country should be aware that they are only injecting fear and panic into all Americans who listen to their words. Businesses are now afraid to employ more workers amid such an insecure market economy. Over 14 billion shares were sold yesterday. Many unemployed Americans reportedly are giving up their search in the job market. If these people had a reason to feel more optimistic about our future, I'm sure they wouldn't be giving up the fight for a better future so easily.
ReplyDeleteThis negativity contagion can only drag the whole American infrastructure into a further downward spiral. So what about talking about the debt ceiling that was finally raised successfully? Or, as you mentioned Leo, all the health benefits that will keep us healthy and strong? As for myself, I'm thrilled to see that Pell Grant is going to let me finish college. What more, the future of our generation is surely moving upwards with every step towards a stronger bipartisan cooperation and optimism.
It's true - so much of the economy is driven by confidence, fear, and other psychological factors. The media does our country a disservice by painting a doomsday scenario. But it sure does make a good story, so who's to stop them? Misinformation and spin are part of the package when you sign up for a free press (or any press, for that matter).
ReplyDelete