Politico says it’s more of a “chicken little” situation. Regardless of what fable the partial “shutdown” and renewed debt limit debate most resembles, president Obama has lost credibility with the American public on economic matters. (And other matters too. Remember last month’s crisis in Syria?)
Most Americans can tell the president is winging it on the economy. He repeats what his advisors say but there isn’t a depth of knowledge. People feel this. So when he swears that the end of the world will happen if we don’t raise the debt ceiling, people shrug. “You mean like the sequester?”
It should be pointed out that the US need not “default” without increasing the debt ceiling. We have plenty of revenue coming in to cover the debt, Social Security, and many other things.The Treasury can prioritize these payments. But we might not have money for Obamacare without an extension on our American Government Express card.
You know, the card our kids will have to pay off.
This time, President Barack Obama warns, the sky really is falling. Really.
His problem: The pitch isn’t a new one — not to a public weary of fiscal disaster countdown clocks and breathless deadlines, one that heard Obama’s predictions the fiscal cliff would be calamitous, his analysis that the sequester would hamstring the economy or his warning that a government shutdown could mean a recovery slowdown.