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Budget Compromise and the Return of the Austerity Cat

Austerity Cat is looking out for you

oL by: two_kittehs (Picture by: Deebrio)

Steve Rattner has a sad because the current budget compromise is not austere enough for him. Won’t anyone think of the children, he says.

But unless we come to grips with the fiscal issue, we will be inflicting a huge financial burden on our children.

I suppose the hypothetical children would be happy to inherit a sputtering economy with rampant inequality and high percentages of unemployment. Give it a rest, Rattner.  Austerity does not promote growth and what we need right now is for the economy to grow. A healthy growing economy will take care of the twin problems of unemployment and deficit. Of course this may cause the gap between the 1% and the rest of us to get smaller, may be that is what Rattner and his buddies are most afraid of.

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As for the budget compromise, it is too austere for my liking but it is definitely better than the government shutdown and the debt default battles of the recent past.

A Question for the Deficit Scolds

Steve Rattner,  who knows a thing or two about stealing, in his opinion piece in this week’s New York Times exhorts us to   stop stealing from our kids. First of all I don’t agree with the premise of this meme, but let us say I did, that budget deficits equal stealing from future generations,and is inherently selfish and evil. Then, I want to know, where Rattner and the other MSM budget scolds were when Bush was reducing the marginal tax rates and  blowing up the budget surplus left to him by Bill Clinton. I never heard much from the deficit scolds when Bush was squandering the surplus, and piling up the debt. I wouldn’t be too surprised if they were using their media perches to sell us the glory of tax cuts for the wealthy, back then.