Worrying about government debt is like worrying about the monster under the bed. The issue isn’t debt, it’s power.
Lee Fang: Friday afternoon, a group of about seventy-five students mobilized at the OccupyDC camp at McPherson Square to raise the issue of crushing student debt.
Ellen Brown: Eliminating, reducing, or deferring student loan debt will free up the budgets of millions of students, allowing them to spend more on goods and services, increasing demand and creating jobs, and adding to tax revenues.
David Love: There is every indication that the bursting of the student debt bubble, like the housing bubble before it, is imminent. And when it happens, it will send shockwaves throughout the financial markets. People of color will be especially vulnerable.
Robert Reich: S&P’s intrusion into American politics is also ironic because, as I pointed out recently, much of our current debt is directly or indirectly due to S&P’s failures (along with the failures of the two other major credit-rating agencies — Fitch and Moody’s) to do their jobs before the financial meltdown.
Rebecca Griffin: Depending on whom you ask, the Pentagon either got a free ride or the deal decimates the military budget. Given the leverage that Republicans had in this debate, it’s not surprising that the Pentagon got off easy in the first round of cuts.
Lucia Brawley: Polls showed a majority of Americans wanted Obama to compromise more. He did. In the election, no one can say he is the unreasonable one.
Steve Hochstadt: Our economic disaster is not about national debt, but about national poverty. America cannot be a great country, if we do not alleviate the critical economic problems gripping our poorest families.
Robert Reich: Anyone who characterizes the deal between the President, Democratic, and Republican leaders as a victory for the American people over partisanship understands neither economics nor politics.
Denis Campbell: Many economists predict a failure to act before Asia markets open Sunday or Monday night could see an immediate stock market loss of up to 5% and wipe out 10% of US GDP by Tuesday night. It’s that serious.
Robert Reich: Republicans are using what would otherwise be a routine, legally technical vote to raise the debt limit as a means of holding the nation hostage to their own political goal of shrinking the size of the federal government.
Adam Eran: The metaphors that frame the current Federal budget and debt ceiling debates are completely inaccurate, and if the media coverage is any indication, the public has swallowed them hook, line and sinker, too.
Robert Reich: Standard & Poor’s insists any deal must also contain a credible, bipartisan plan to reduce the nation’s long-term budget deficit by $4 trillion — something neither Harry Reid’s nor John Boehner’s plans do.