Monday Reads

baby new yearHappy New Year’s Eve!!

Congress continues to drag us down its path of dysfunction.  This headline from Lindsey Graham should win him a congressional hearing for sedition.

But in an interview on Fox News Sunday this morning, Sen. Lindsey Graham (R-SC) threatened to oppose this must-pass bill unless Social Security benefits are taken away from millions of future retirees:
I’m not going to raise the debt ceiling unless we get serious about keeping the country from becoming Greece, saving Social Security and Medicare [sic]. So here’s what i would like: meaningful entitlement reform — not to turn Social Security into private accounts, not to take a voucher approach to Medicare — but, adjust the age for Social Security, CPI changes and means testing and look beyond the ten-year window. I cannot in good conscience raise the debt ceiling without addressing the long term debt problems of this country and I will not.

Unbelievable. We continue to see a series of really ridiculous memes spouted by the right. These included dragging Social Security into the debt crisis when it has nothing to do with the Federal budget, deficit or debt other than it is a primary investor in Treasury bills and bonds. We also continue hear about our country going the way of Greece or going bankrupt. We have the reserve currency of the world, a huge country filled with taxable assets and treasury bills and bonds under high demand. How many times do I have to call shenanigans on these cretins?

Graham isn’t the only republican willing to take the debt ceiling hostage to raise the age of social security. 

Two Republican senators want to use the threat of an economic meltdown to raise the retirement age and cut Medicare. Sens. Bob Corker (R-TN) and Lamar Alexander (R-TN)  introduced a plan today that would raise the federal debt limit by $1 trillion in exchange for $1 trillion in cuts to Medicare, Medicaid, and Social Security, as The Hill reported:

The Corker-Alexander dollar-for-dollar plan has several components.

It would structurally reform Medicare by creating competing private options giving seniors greater choice of healthcare plans. It would not, however, cap Medicare spending.

The plan would also give states more flexibility to manage Medicaid programs and prevent states from “gaming the federal share of the program with state tax charges.”

It would gradually raise the Social Security retirement age and use the “chained CPI” formula to calculate cost-of-living adjustments, curbing the growing cost of benefits.

In exchange, it would direct the debt limit be increased by the same amount as the savings generated from entitlement reform.

The U.S. will hit its debt limit  on or around December 31st. The Treasury Department estimates that, using extraordinary measures, it could avoid default for another two months or so. Allowing the U.S. to default on its debt via not raising the debt ceiling could cause a complete financial meltdown. The 2011 debt ceiling debacle — during which House Republicans nearly pushed the country into a default due to their intransigence on taxes — cost the country  about $19 billion in higher interest payments and  at least one million jobs.

So, here’s an interesting bit of history on its way to the British Museum.

The largest Viking ship ever found, a 118 foot troop carrier, is to go on display at the British museum 1,000 years after it helped King Canute control the seas of northern Europe.

The long boat, known as Roskilde 6 because it was part of a batch found in the Danish city, is slowly being dried out in giant steel tanks.

Once it is stabilised and fitted to a steel frame, it will travel to Britain to go on display at the British museum where it will be a star attraction at an exhibition.

The warship was discovered by chance in 1996 at Roskilde as the local ship museum was being extended.

It is believed it was deliberately sunk along with other ships to narrow the fjord and protect the approach to the former capital of Denmark.

It was an incredible example of ship technology in its day and would have taken up to 30,000 hours to build.

Once again, I agree with Paul Krugman who says that deficit reduction really isn’t the Republican goal in all of these fiscal cliff talks.  All we’d have to do is go back to the Eisenhower tax rates and we’d solve the problem pretty quickly which is why I hate it whenever I hear an idiot talk about bankrupting grandchildren’s future.  Again, World War 2 didn’t depress the 1950s or 1960s did it?  That level of debt and high, high tax rates didn’t bring about a second great depression.

Evan Soltas of Wonkblog and Joe Weisenthal of Business Insider both make the same point, in more detail, that I tried to make in my series on ONE TRILLION DOLLARS: the current budget deficit is overwhelmingly the result of the depressed economy, and it’s not clear that we have a structural budget problem at all, let alone the fundamental mismatch between what we want and what we’re willing to pay for that people like to claim exists.

Bush should’ve never been allowed to run two wars for decades without making people pay for it.

India’s outrage grows over the instances of gang rape and the death of one 23 year old woman.  Police are preparing arrest warrants in the case and will charge india protestssix men with murder.

The trial of the six, who allegedly assaulted the physiotherapy student in the back of a bus on Dec. 16, will start after police file charge documents on Jan. 3, Delhi police spokesman Rajan Bhagat said by phone today.

An Air India plane brought the woman’s body back from Singapore and it was cremated today, the Press Trust of India reported. Demonstrators gathered at the Jantar Mantar, an 18th- century observatory and traditional rallying point, demanding speedy punishment for the alleged rapists while some held placards calling for them to receive the death penalty.

Thousands joined protests and candlelit vigils to mark the death yesterday. Some protesters held placards calling for the improved treatment of women in India as they congregated in Mumbai, Hyderabad and Bangalore. Others braved the cold winter’s evening in New Delhi to carry candles or meet in quiet prayer.

So, that’s my offerings today.  What’s on your reading and blogging list today?