More Fiscal Crisis . . . and the Reasons for It

Talks broke off again yesterday between President Obama and Speaker Boehner regarding the debt crisis. Obama held a press conference first, claiming the Republicans just don’t know a good deal when they see it. Boehner followed with his own, noting that they were close to an agreement until Obama made a last-minute demand for more tax increases. He still labors under the ideology that seeks to drain as much out of the private sector economy as possible for the benefit of government control. I’m grateful Boehner rejected his “generous” terms.

Of course there’s another reason why the president is anxious to get more money:

The plain fact, though, is he could take ALL the money from every rich person in the country and still not have enough to cover the massive outlay of expenses for which he is responsible. And if he did so, he would undercut all economic growth. He seems bent on continuing his usual pattern:

Amazing, isn’t it, that the media portrays him as the adult and Republicans in Congress as the petulant children? Republicans in the House have twice passed legislation that would be fine steps toward reining in the spending and setting up a more responsible system. How have they been received at the other end of Pennsylvania Avenue?

Then there’s that other “remedy” offered by the so-called Gang of Six. Now, there are some good people in that group, such as Senator Tom Coburn of Oklahoma, but their proposal again focuses too much on raising revenue immediately and taking control of spending somewhere down the road—which means it would never happen.

While the fiscal fire rages, and the administration burdens businesses with more regulation and uncertainty about the future, the prospects for recovery are bleak:

Two Democrat big businessmen, one of them the CEO of Home Depot, blasted Obama this week, saying, in effect, he doesn’t know what he is doing. Well, I could have told them that back in 2007 or 2008. Late to the game, but if the lesson sticks, there might be hope in 2012. In November, that is.