Robert Reich: The more irresponsible his bomb-throwing, the more attractive Gringrich becomes to a sizable portion of Americans so fed up they feel like throwing bombs.
Ellen Brown: Either way the super committee goes, the economy will wind up with $1.2 trillion less in the way purchasing power. The result will be to reduce demand, kill jobs, and put more people on the streets.
Robert Reich: So the best of all worlds is to have a big jobs plan now, and also commit to automatic cuts triggered when unemployment falls to 5 percent.
Robert Reich: President Obama laid out the problem correctly and effectively. He explained why jobs and growth must be the nation’s first priority now — not the federal deficit.
Carl Bloice: If the people who set the Tea Party in motion and sustain it want a mandatory “balanced budget” there is a democratic way of going about getting one; introduce specific legislation. They wouldn’t take that route.
Vijay Prashad: The drain of wealth to the war economy is a massive regressive taxation on the population: the rich who pay a much smaller proportion of their taxes and the corporations are insulated from the costs of war, and indeed some of them benefit from the windfalls of war.
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.
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.
Ted Vaill: Every Member of Congress who voted against increasing the debt ceiling should be targeted for defeat in the 2012 election. If that is not successful in changing the makeup of Congress after 2012, I may follow the lead of my ancestor Pelatiah Everett, and begin a new revolution.
Ted Vaill: In less than a month, unless they relent in their effort to destroy the American (and the world) economy to curry favor with their Tea Party wing, the Republicans in Congress will cause the American government to default on its debt, on August 2, 2011 or thereabouts.