Somehow, the folks at the far right, and the far left, who refuse to compromise on fiscal matters, need to get factored out of decision-making in Washington.
Government that will not compromise to resolve severe problems will create deeper problems in the process. And now, that is what has occurred.
The lack of ability to compromise on the part of those on both ends of the spectrum has now created a lack of public and world trust in the ability of the U.S. congress to address and resolve American fiscal imbalances. That is why the S&P downgraded American debt, and with a negative outlook, not the debt itself.
This new problem has a life of its own, born of an abject inability to compromise. In particular, passing up 3- or 4-to-1 spending cuts to revenue increases, and holding out for a 100 percent resolution of the public debt with spending cuts only, was a monumental mistake by the Republicans who would not compromise.
The House Republicans had the power, and they misused it. The Republicans in congress now have a 72 percent disapproval rating nationwide, higher disapproval than the Democrats in that same body. Those Republicans are therefore likely to live to regret taking such a rigid stance next election. And then their voices will have even less impact on the final resolution of these fiscal matters.
No one represented constituency owns the government. Therefore no one’s representatives are owed the right to receive his or her way in matters of public policy, regardless of any claim of ‘superior’ principles.
The American people send their representatives to Washington to resolve problems, not create new ones.