2012-10-31nakedcapitalism.com

Kuttner wrote to warn that Obama intends to seek a "grand bargain" causing the U.S. to adopt the type of austerity program that threw the Eurozone back into a gratuitous recession.

Worse, Obama intends to begin to unravel the safety net (Social Security, Medicare, and Medicaid) to convince the Republicans to enter into this Faustian bargain. Just as only a conservative Republican could visit "Red" China, only a Democrat can begin the destruction of the safety net. The difference, of course, is that normalizing relations with China was a good thing while unraveling the safety net is a terrible thing.


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