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KABUKI, INDEED July 27, 2011

Posted by wmmbb in US Politics.
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There is something theatrical about the debt ceiling negotiations in Washington purportedly between the President and the Republican-controlled House of Representatives. So let’s dance around the world economy and see what happens?

Then let us pull back the curtain. see what is going on, and who stands to benefit when the music stops. The deliberation is transparent. The obvious things to do would be to raise income by increasing taxes on those able to pay, and to reduce military spending while increasing spending on those things that are economically and social productive and positive. This is not an original line of thinking.

Sam Pizzigati writes at Campaign for America’s Future, via Truthdig:

This “debt crisis” in no way had to happen. No natural disaster, no tsunami, has suddenly pounded the United States out of fiscal balance. We have simply suffered a colossal political failure. Our powers that be, by feeding the rich and their corporations one massive tax break after another, have thrown a monstrous monkey wrench into our national finances.
Some numbers — from an Institute for Policy Studies report released this past spring — can help us better visualize just how monumental this political failure has been.
If corporations and households taking in $1 million or more in income each year were now paying taxes at the same annual rates as they did back in 1961, the IPS researchers found, the federal treasury would be collecting an additional $716 billion a year.
In other words, if the federal government started taxing the wealthy and their corporations at the same rates in effect a half-century ago, the federal debt to investors would almost totally vanish over the next decade.

There is no way of my knowing what the impressive posturing and posing by the political class is have on public opinion in the US, although perhaps elsewhere there is some concern and perhaps quizzical expressions. So if the crisis represents a political failure, in what are the causes and implications of it? I suspect the answer may lie in that in television democracies there is a belief that public opinion can be framed and shaped, and the success of the change in economic contribution does seem to be confirmation.

ELSEWHERE:

Surprise, despite the pervasiveness of the television democracy, many Americans are seemingly of a similar opinion (I wonder why?). David Swanson refers to StopHoping.org.

Robert Scheer comments at Truthdig. I was waiting to read his opinion.

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