MartiniPundit

Random thoughts and insights – always shaken, never stirred

Pass the Boehner Plan

leave a comment »

I’ve been as agnostic as possible on the debt debate going on in Washington, but it is clear to me that doing nothing is not an option. That will result in the downgrade of the US credit which will raise the cost of borrowing for all Americans – not to mention being downright embarrassing.

Now it is very clear that it is the democrats who have brought us to this impasse. True, the republicans spent way too much from 2001 to 2006. They lost control of Congress because of it. But the democrats didn’t draw the right conclusion and since they have been in control have spent even more. When President Bush left office the debt was just under 10 trillion which he had basically doubled. It is important to note that at that point, the democrats had controlled Congress for two years. Meanwhile, under President Obama, we’ve racked up nearly 5 trillion in additional debt. In other words, Obama racked up almost the entire Bush debt in one quarter of the time.

In the short term, we clearly need to raise the debt limit in order to quiet the markets and prevent a downgrade of the US credit rating. (A VERY BAD THING.)

The Boehner bill is hardly perfect, but it appears to be the best that can be achieved while the democrats still control the senate and the presidency. To oppose it because it is not perfect is insane. Politics is the art of the possible.

Pass the Boehner bill.

Advertisements

Written by martinipundit

July 29, 2011 at 12:22 am

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: