Homer Alaska - Letters

Story last updated at 6:36 PM on Wednesday, August 3, 2011

Obama should not have flinched




Before the totalitarian ways of today's GOP, the Greedy One Percent, President Obama has proven himself, once again, to be the great capitulator.

To be sure the GOP had the president caught between a rock and a hard spot over the increase of the debt ceiling with their reckless willingness to allow our country to be dashed upon the rocks of default. The GOP, the Greedy One Percent, don't seem to give a hoot who they hurt as long as long as they don't pay an iota more in taxes, and their investments, particularly in multinational corporations, are allowed to continue to gorge themselves from the public trough. Their M. O. is stick it to the little guy. Let subsidies for the likes of the oil companies, the most profitable entities in the history of mankind, continue.

Yet even as of Monday morning, who knows if the House Greedy One Percenters have been satiated. Michelle Bachman certainly seems not to have been satisfied. We'll see.

President Obama should never have flinched. He should have exacted real compromise from the Greedy One Percent or invoked the 14th Amendment which stipulates the federal government shall honor its debts. He should have let the Supreme Court and the 2012 election deliberate on it, while, in the mean time, we honored our debt. He should have reminded the rating agencies like Standard and Poor and Moodys, after their having been roused to factor in by the congressional antics of the GOP, that at least $4 trillion is on its way into the Treasury after the Bush tax hikes expire at the end of 2012; that at this point to downgrade the country's triple A rating would take a wallop out of the country's recovery to the detriment to the world-wide economic recovery.

But, unfortunately, the president doesn't appear to have the backbone I thought he had back in the fall of 2008.

Tim O'Leary

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