". . . Hello, third party"

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Friday July 22, 2011 · 7:00 AM PDT

2011/07/22 · 07:00

The full article's title is What happens to American politics if we default? Hello, third party. As Paul Krugman points out in The Lesser Depression

These are interesting times — and I mean that in the worst way. Right now we’re looking at not one but two looming crises, either of which could produce a global disaster. In the United States, right-wing fanatics in Congress may block a necessary rise in the debt ceiling, potentially wreaking havoc in world financial markets. Meanwhile, if the plan just agreed to by European heads of state fails to calm markets, we could see falling dominoes all across southern Europe — which would also wreak havoc in world financial markets.
We can only hope that the politicians huddled in Washington and Brussels succeed in averting these threats. But here’s the thing: Even if we manage to avoid immediate catastrophe, the deals being struck on both sides of the Atlantic are almost guaranteed to make the broader economic slump worse.

In fact, policy makers seem determined to perpetuate what I’ve taken to calling the Lesser Depression, the prolonged era of high unemployment that began with the Great Recession of 2007-2009 and continues to this day, more than two years after the recession supposedly ended.

Yesterday I wrote the diary How much worse? Paul Krugmann confirms my worst fears and adds a global perspective to the economy of the world getting worse, either through catastrophe or by the rich pissing a trickle down on us all including themselves.

If the deal contains cuts in social security, Medicare and Medicaid then I may never vote in 2012 for anyone who either signs such a law or who votes in favor of such a law. Nor will I ever make contributions to any party or their presidential candidate who supplies sufficient votes to pass such a deal or whose president signs such a deal into law.

From my point of view this will be time for a third party.

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