You’ll note that little discussion is taking place about whether, and to what extent, any debt ceiling/deficit deal is going to increase unemployment and/or hurt economic growth. Even the rudimentary outline of the deal we saw yesterday had “immediate” cuts of $500bn. That’s a lot. And depending on what specific cuts are taking place, and when they’re taking place, more people could be unemployed as a result of this deal. Shouldn’t we have an independent analysis on the economic impact before we reach any decision on whatever deal is reached?
And with nearly 100 conservative Republicans, if not more, expected to vote against any deal that increases the debt ceiling, Democrats may end up responsible for the bill’s final passage. Yes, you heard that correctly. The final irony is that it may be Democrats who cut Social Security, cut Medicare, and increase unemployment going into the 2012 elections. Good luck with that, and enjoy your final year in office.