Washington Unlocked--For the Rich

The cliché that Washington is deadlocked and dysfunctional is only partially true. Congress and Obama get done those things favored by lobbies with deep pockets that have their hooks into both the GOP and a fair number of Democrats. Thus, despite all the hullabaloo about deficits, the government is about to provide $8.33 billion in loan guarantees to the nuclear industry, which adds to government liabilities, and hence increases the deficit.

Congress -- which so far has done extremely little to provide for new financial regulation -- has found the time to dilute accounting rules that govern the banks, "improving" their balance sheets, which sows the seeds for the next financial crisis -- or the next round of the current one. And Congress seems ready to move to allow offshore oil drilling after Obama's signal to this effect during his State of the Union.

This political set up also predicts where the new commission on deficit reduction is headed: major cuts in the outlays and benefits for the masses, and few tax increases for the rich. You heard it here first.

Liberals like to dream about a pendulum, in which the United States swings from conservative eras to liberals ones and back. Arthur Schlesinger Jr. was the main scholar who helped formulate this vision. Actually the United States since the 1970s is going through shorter and shorter -- and weaker! -- liberal intervals, and longer and stronger conservative periods. The liberals can complain all they want, but until they get together and form a united front, a shared agenda, and a social movement to back it up, they should be ready for another bout of market forces intervening in the government -- while complaining about government interference in the market.

Comments

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Another source of Congressional power is its spending power—the ability of Congress to impose uniform taxes across the nation and then distribute the resulting revenue back to the states

[Sue]

As long as we stick to the two party system, I highly doubt the liberals (or the conservatives either) will ever "get together and form a united front, a shared agenda, and a social movement to back it up" Americans are much more diverse than ever before and two parties can not possibly form a platform which majority of people can support.

[Gui from France]

Well, about offshore drilling, we can now at least say that policy won't go too far right now... I just heard BP CEO is going to resign today, and I wonder if that will impact some policies of the US Administration when it comes to BP and the Energy Bill....

[Dark Eye Cream]

Yep, I think the guy is done. Probably got a fat pension though :(

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Those fat cat dudes always seem to come out smelling like a rose. It seems like once you make it to the "top" you're set for life no matter what you do.

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these are times with more liberty,but less joy; we have much more food,but less nutrition;who could told me why?

[St Louis Finance - Floyd]

It is amazing how fast the deficit is actually growing. And never in history would a tax increase possibly better serve the economy compared to the mood that seems to be permeating on Capitol Hill that being tax cut, tax cut and more tax cuts.

Stimulus packages that actually help increase monetary spending and productivity is one thing. But how is the economy better off with lower taxes and more failed bailout programs that are costing this country more money than it is helping it. This does not take into consideration that the mortgage crisis is no where near over.

That is why you hear conservatism being touted over liberalism even when this country experienced the new beginning or change that occurred in 2009 that didn't really change anything at all.

[Nashville Mortgage Pro]

Yes, it's the deep-pocketed lobbyists who seem to control the "rudder" of our government's ship- I guess it's always been the case. Follow the money...

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It is not only in America. The whole world economy is changed and still being changed and there is more influence of international markets on our local market.