With unemployment still high despite corporations rolling in profits (Think Progress recently relayed a Northeastern University study that showed that 88 percent of the growth in national income for the last 18 months has gone to massive corporate profits while only 1 percent has gone to wages, and the New York Times recently reported that top executives enjoyed a 23 percent pay increase in 2010), it is patently illogical, immoral and bad for the country to fund cuts in government spending with tax cuts for the wealthy.
But by using the debt ceiling issue to extort cuts in government spending, Republicans, who control only one of the three segments of federal lawmaking, the House of Representatives, are dictating to the Democrats, who control the other two entities (the Senate and the presidency), the terms of negotiation.
House Democrats have their own fears about the negotiations, which they expressed in an hourlong meeting Wednesday night with Treasury Secretary Timothy F. Geithner.
“Depending on what they decide to recommend, they may not have Democrats,” Senator Sheldon Whitehouse, a Rhode Island Democrat, said in an interview. “I think it is a risky thing for the White House to basically take the bet that we can be presented with something at the last minute and we will go for it.”
Im pretty speechless by this. The Democratic party is showing no back bone anymore. It seems they have just given up. God help us all...
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