The deficit and the Grand Bargain scam

When the powers that be say the federal deficit is the most important economic issue of our time, keep this in mind:

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Stupid is as stupid does: McConnell filibusters his own bill

Don’t dare someone to do something they’re willing to do. Just a suggestion:

Senate Minority Leader Mitch McConnell (R-KY) introduced legislation to raise the debt ceiling on Thursday, apparently with the intent of showing that even Democrats would not support such a bill.

However, McConnell’s plan backfired after Senate Majority Leader Harry Reid (D-NV) called for a vote on the legislation, which would have given the president the authority to raise the federal debt ceiling on his own. The top Senate Republican was forced to filibuster his own bill.

“What we have here is a case of Republicans here in the Senate once again not taking ‘yes’ for an answer,” Reid said, after McConnell announced his filibuster. “This morning the Republican leader asked consent to have a vote on this proposal, just now I told everyone we were willing to have that vote — up or down vote. Now the Republican leader objects to his own idea. So I guess we have a filibuster of his own bill, so I object.”

And this is why the filibuster procedure has to be changed.

Cycle of doom

Paul Krugman, as usual, says something that sounds very logical to me:

It’s not the whole story, but something like this threatens to develop:

1. US debt is downgraded, sparking demands for more ill-advised fiscal austerity

2. Fears that this austerity will depress the economy send stocks down

3. Politicians and pundits declare that worries about US solvency are the culprit, even though interest rates have actually plunged

4. This leads to calls for even more ill-advised austerity, which sends us back to #2

Behold the power of a stupid narrative, which seems impervious to evidence.