To start with, I think it’s pretty cool that we managed not to blow up the world economy over the weekend. That’s a good thing, and if that was all the debt ceiling deal accomplished I’d praise it. But we got some other decent things done, too: we got a bunch of people to start talking about the medium-term debt issue, even if most of them are telling ridiculously dumb stories about it. We got people to compromise — for now — on the idea that maybe some defense cuts would be a pretty decent idea, even if the defense cuts aren’t really cuts. And I got to giggle at another round of the New Civility.
On the other hand….
Hat tip: Alex Tabarrok
This deal does about the square root of fuck-all about the medium-term debt crisis. We haven’t touched on entitlement reform in any sane or realistic manner, although I think I saw a Democratic scumfuck say “entitlement” without wincing more than once per syllable. We haven’t touched on tax increases in any sane or realistic manner, although I think I saw a Republican scumfuck say “tax reform” without wincing more than once per syllable. And even the not-so-rosy graph up there depends upon the assumption that all promised cuts will be made, which is about as stable an assumption as one of Newt Gingrich’s marriages — doc fix, anyone?
And then this happened, while everyone was patting themselves on the back about avoiding default:
- Chinese agency downgrades US credit rating (China Daily)
Sure, they aren’t S&P or Moody’s, but it doesn’t make me happy.