Richard Wolff: Debt Showdown is "Political Theater" Burdening Society’s Most Vulnerable

[CHIMO]

Republicans have agreed to a vote today on a budget plan they say will cut the deficit $917 billion over 10 years. The move sets the stage for a showdown against unified Democratic opposition in the Senate and threats of a White House veto. To discuss the debt talks and economic austerity worldwide, we’re joined by Richard Wolff, Emeritus Professor of Economics at University of Massachusetts Amherst and author of several books, including "Capitalism Hits the Fan: The Global Economic Meltdown and What to Do About It." "This is political theater in which two parties are posturing for the election coming next year," says Wolff. "To put it in perspective, the number of times the government has raised the debt ceiling since 1940? Ninety, almost twice a year. This is a normal, automatic procedure. Every president, Republican and Democrat, has asked for it."

http://www.democracynow.org/2011/7/28/richard_wolff_debt_showdown_is_political
http://www.democracynow.org/

[izquierdista]

1. It's theatre all right

That can be used to jack up interest rates so that the rich can get paid more interest on all those downgraded bonds they hold.