Photo by Bob Franklin

President Obama revealed his priorities at today’s press conference. First we have to deal with this pretend debt crisis, and then, as the economy sinks into depression, maybe we can do something about the millions of unemployed.

What we can do is to solve this underlying debt and deficit problem for a long period of time so that then we can get back to having a conversation about, all right, since we now have solved this problem, that’s not — no longer what’s hampering economic growth, that’s not feeding business and uncertainty, everybody feels that the ground is stable under our feet, are there some strategies that we could pursue that would really focus on some targeted job growth — infrastructure being a primary example.

So let’s review. First, Obama pours money on banksters, bails out the rich people whose hedge funds gambled and lost on credit default swaps, shovels money to financing companies that bet they could borrow short and lend long, and who padded their balance sheets with worthless AAA rated real estate mortgage backed securities and derivatives. Then he and his paper tiger democrats cut their taxes into the bargain.

Then he protects the profits of health insurance companies, big Pharma and the giant hospital companies at the expense of regular people, while pretending to deal with the rising costs of health care. Then he and the democrats in congress pass weak legislation marginally acceptable to their masters on Wall Street, who promptly pay themselves richly and lobby successfully to undercut the wimp regulations his administration puts out. He creates housing programs which are doomed to failure, and destroys legislation that would have helped, like cramdown in bankruptcy. He refuses to investigate, let alone prosecute, the devils that collapsed the financial system. He and the spineless democrats do nothing about foreclosure fraud and abuses of the judicial process.

Meanwhile millions of people don’t have jobs. Those with jobs are losing ground to inflation, and are worried they will lose their jobs or lose hours. They are worried because these lunatics are planning to gut their retirements by slashing Social Security and Medicare. They are crushed under unmanageable debt loads, weighed down by underwater houses, and are sick about the futures facing their kids. No one wants to spend money. Businesses have adjusted to the current level of demand, and won’t hire anyone new until demand picks up.

This is Catch-22. The President, lost in a sepia-toned dream of bipartisanship, can’t see it.

Obama accepts failed trickle-down, supply-side gibberish in the face of all of the evidence of the last 30 years, but the crazy party doesn’t care. The President agrees to shrink government in the face of depression-level unemployment, and the crazy party won’t cooperate even with that level of subservience.

No. The President insists that first we have to satisfy the demands of the Tea-Zombies to slash spending, taxes and regulation. Then, and only then, can he even start pleading with the implacable forces of the undead for something that might make some tiny difference in the lives of former members of the middle class. He seems to think that once we deal with the manufactured crisis of the day, the crazy party will become sane and will consider passing legislation that will directly put people to work.

The middle class is paying for the pipe dreams of the President and the cowardice of the Democratic Party.



I read a lot of books.