At the end of the Bush presidency, we had that big market crash. I remember meeting with our investment guy and learning that my 401K had lost tens of thousands of dollars. Same with Pam’s retirement funds.
Well, since then our funds have steadily climbed back up–not to where they were, but they’ve been doing well. I know, the right-wing pundits tell us the economy is terrible terrible terrible under Obama. All I know is, our funds have been rebuilding, and we’re pleased.
But that could all come crashing down–again–next week. For our funds, and for your’s, too.
The Republicans are threatening to not extend the debt limit unless certain demands are made. Obama’s “gun to the head” metaphor is totally appropriate. “Unless you defund Obamacare, we’ll shoot the economy.” Some of the more irresponsible and ignorant Republicans are even saying that the debt limit is no big deal–that the US can forego paying its bills, and that the US credit rating can drop, and the economy will continue on just fine.
Tell that to my retirement account next week. Tell that to me after, again, Pam and I lose loses thousands and thousands of dollars of value because of Republican irresponsibility.
Thank you, Tea Party. Thank you, Ted Cruz.
I have no–zero, zilch, nada–patience for the Tea Party. Not so much a problem with their goals as with their attitude of all-or-nothing. They will never be satisfied.
A couple years ago, Obama and Boehner agreed to a deal that would have cut the deficit by 5 trillion. But when Boehner took it back to the House, the Tea Party wing killed it. They wanted more. This past Sunday, Boehner admitted to George Stephanopolous that he and the Senate had reached a deal some weeks ago that would have averted the government shutdown. But then they added defunding Obamacare, and now here we are. Boehner no doubt took the deal back to the House, and the Tea Party wing killed it, again.
It doesn’t matter what kind of a deal is reached with the President. The Tea Party will not be satisfied. They’ll always want more, and unless they get absolutely everything they could possibly want, they’ll be afraid of being accused of compromising.
It reminds me of anti-abortion legislation during the 1980s, when pro-life Congressman wouldn’t settle for compromises on abortion. I heard a very upset pro-life Congressman from that time say something like this: “We could have saved hundreds of thousands of babies, but the hardliners wouldn’t settle for anything less than saving ALL babies. And the result–we didn’t get anything. We should have saved the hundreds of thousands NOW, and then continued working to save the rest.”
The all-or-nothing mentality never works in divided government. It’s about compromise, about give-and-take. But that’s the mentality of the Tea Party.
And it’s why, sometime after next week when the US defaults on its debt, Pam and I will loses thousands and thousands of dollars of value in our retirement accounts.
Oh–and so will you. Even if you’re a big Tea Party supporter, you will lose, too.
