A financial Armageddon looms on August 1st. You think the economy is bad right now? You ain't seen nothin' yet. Respected news analysts are of common mind. Both parties are playing the game of "chicken". Democrats say no spending cuts which will hurt the middle and lower classes. Republicans champion the cause of no new taxes. I offer my opinion as a non-expert. Just a man rounding the home stretch of life.
Democrats do not seek to raise taxes. Their aim is to negate the tax breaks and loopholes for the high income class, promulgated by President Obama's predecessor. This is not a play on words. This is a distinction not of form but of substance. Republicans demand cuts in spending. Spending on what? Entitlements. Who get entitlements? Middle and poor classes. The wealthier you are, the more opportunities to obviate tax liability. People earning more than $250,000 are still entitled to social security, which, if they lose, won't make a dent. If you are dependent on S.S. to support yourself and your family, a reduction in this "entitlement" could push you over the edge. And remember, you contribute to S.S. in every paycheck, for as long as you work. This is not a loan from the government. It is a well deserved payback.
I assume both parties to be, in the main, composed of honorable men. In the ongoing crucial meetings, their duty is to communicate and negotiate. Negotiation is a synonym for compromise. The Democrats are inclined to do just that re entitlements, but there is no compromise from the GOP. They won't give an inch re upper class entitlements. Why such blind obstinacy when the stakes are so high? Because of the Tea Party.
Granted, the Tea Party are true believers. But their belief has become a religion. No budging. Not an inch. No compromise whatsoever. Look at Speaker John Boehner. He's no rookie in the world of politics. Been around. Yet, he seems very uncomfortable. As if he knows what the situation requires (compromise), but a cop has put a boot on his car. He's locked in. He is politically afraid of bucking the Tea Party. Sure, they represent a GOP minority but next year is a Presidential election and it's risky to alienate even zealots. But at what price? The Tea Party and common sense is oxymoronic.
President Obama has repeatedly proclaimed his willingness to compromise. At the end of each failed meeting, Speaker Boehner sticks to the mantra of "no new taxes". Period. No hint of compromise. But he's torn. Not so, Majority Leader Eric Cantor. Somewhere, somehow, someway, something's gotta give. Inspect my brownies for I think something will.
We didn't elect revolutionaries. As the deadline approaches, common sense shall be resuscitated. Speaker Boehner will yield to the moral compass instilled in him by years of public service. He will not break ranks, he will join them. Extremists will not be happy. But the national interest is paramount.
It'll be a squeaker. But a realization of the consequences of failure will mandate a deal. It's just common sense. Isn't it???