An argument against cuts to projected military spending that is sure to rear its ugly head is that this would cost American jobs. In the current political context, this "jobs" argument is 100% nonsense. Here's why.
In a rare kind of largesse, various of his wealthy backers backers told Cantor that, contrary to Republican dogma, they could support paying higher taxes. On behalf of that middle class, and the working class too: We accept, we accept!
It appears that investors know that the endlessly repeated catechism of the faith-based Marketists -- "When the American people have to tighten their belts, the government should do the same" -- is the opposite of the truth.
With a debt limit deal that will be carefully dissected in the days to come, President Obama faced a choice that was just about as difficult as King Solomon's: allow the country to default or give in to demands from a small group of radical ideologues.
Cutting student loans is like raising taxes on students. Cutting Social Security is like raising taxes on the elderly. Cutting Medicare is like raising taxes on the poor. And yes, closing loopholes is like raising taxes on hedge fund managers.