An enduring and educational story emerged from the Trojan War of around 13BC to 12BC concerning the tale of the Trojan Horse. Here’s how it goes – “In one version, after a fruitless 10-year siege, the Greeks constructed a huge wooden horse, and hid a select force of 30 men inside. The Greeks pretended to sail away, and the Trojans pulled the horse into their city as a victory trophy.
That night the Greek force crept out of the horse and opened the gates for the rest of the Greek army, which had sailed back under cover of night. The Greek army entered and destroyed the city of Troy, decisively ending the war.” – Wikipedia
The Republicans planted their Trojan Elephant on Sunday, July 31, 2011 when they cemented a deal with the Democrats and the White House to allow the debt ceiling to be raised. They aren’t planning to destroy their feeding trough, the city of Washington, DC, but they are continuing their war against ordinary Americans. A war fought for large corporations, including foreign ones, and the richest few percent of Americans. The deal places conditions on the raising of the debt ceiling and involves a complex sequence of decisions and outcomes. The chart below spells out the steps involved and the consequences.
The “Super Congress”
The Trojan Elephant is the innocent looking Joint Committee. It will consist of six Republicans and six Democrats tasked with hammering out the exact details of the cuts to be made. Note that there are no revenue increases, such as removing the Bush tax cuts fro the extremely rich. The Joint Committee only deals with cuts. Their recommendations will be formed behind closed doors, with no monitoring or publishing of their activities, making them prime lobbyist prey. Even worse, their recommendations can’t be debated or changed when they are presented to congress, but merely be given an up or down vote.
Some people think that the whole “Super Congress” notion that the Joint Committee embodies is unconstitutional or just plain illegal. However, in principle, it’s no different from many other task forces and committees that congress appoints to deal with detailed business, so it will probably endure. The kinds of cuts that it is supposed to cover are distasteful to both parties, so you have to hope that they will come out with sensible recommendations. Given the whole unwarranted debate over this particular debt ceiling housekeeping task, the signs aren’t encouraging. If the Republicans send in six Tea Party members here won’t be a meaningful debate.
What’s inside the Trojan Elephant?
It really doesn’t matter what the Joint Committee recommends. If they don’t do anything, stalemate, or send completely unacceptable recommendations to congress, cuts will start happening automatically, across the board. That will cause a little pain to the Republicans, but a lot more pain to the vast majority of Americans, as social programs that have been developed over decades are shredded. The cuts won’t stimulate our economy, but may very well bring on a “double dip” recession. That, unfortunately, is exactly what the Republicans want. They don’t want to see thriving middle and working class Americans. They are hell-bent on bringing down President Obama and delivering a nation of serfs who are subservient to the rich and powerful.
The Republicans’ Trojan Elephant is in place and the President has allowed it to be brought inside the walls of the city. Only the populace at large can defeat whatever emerges from it – preferably by voting the libertarian economic terrorists out of office in 2012.
How The Tea Party Saved A Trillion And Cost Us Trillions More
Even worse that that, in the seven days since the announcement of the deal, the world’s equity markets have lost $4.5 trillion in value and they are very likely to lose more in the next few days as the realization of what has happened sinks in. From now on, every time the debt ceiling has to be raised there will be another long and wasteful battle, not all of which can be guaranteed to be settled in time to avoid a total calamity. The Dow-Jones suffered its ninth largest drop in history yesterday. If the markets don’t rally soon we’ll be plunged into a second recession, possibly worse than the first, as we are in a much weaker situation now. This is fiscal irresponsibility at its worst.
Tea Party members seem to think that all of this is a good idea. They hope to “starve the Beast”, as President Ronald Reagan put it. They think that by cutting funding for government they’ll shutdown programs like Social Security, Medicare and Medicaid. They believe that they can oust President Obama in 2012 by making it seem that all of this is his fault, when President Bush singlehandedly almost doubled the nation’s debt.
What the Tea Party members don’t seem to realize is that the first people to starve will be ordinary working Americans, all of whom have seen the values of their houses and other assets drop in the past couple of years. Well done Tea Party morons! You’ve taken another great step in turning over our nation to the corporations and the very richest Americans. Why don’t you change your name to the Serfer’s Party? That’s what you seem to be bent on doing. Turning most of us into serfs.
Footnote: Later today, CNN reported that – “Though observers said S&P’s downgrade shouldn’t matter all that much, the market wasn’t buying it. ‘Investors are having one reaction to the downgrade: Sell first and ask questions later,’ said Paul Zemsky, head of asset allocation with ING Investment Management.”