This Seems Like Something That Shouldn't Be Surprising

The lede on this is priceless:

According to the latest statement from the U.S. Treasury, the government had an operating cash balance Wednesday of $73.8 billion. That's still a lot of money, but it's less than what Steve Jobs has lying around.

Tech juggernaut Apple had a whopping $76.2 billion in cash and marketable securities at the end of June, according to its last earnings report. Unlike the U.S. government, which is scrambling to avoid defaulting on its debt, Apple takes in more money than it spends.

This symbolic feat—the world's most highly valued tech company surpassing the fiscal strength of the world's most powerful nation—is just the latest pinnacle for Apple, which has been on an unprecedented roll ....

Anyway, carry on. Nothing to see here. Go about your business.

Right-Wing Priorities

In this terrorized age of wild-eyed Muslim demons, Norwegian Hitler Youth, and an elective American debt crisis, Ben Smith reports for politico Politico about the National Republican Senatorial Campaign's latest bogey-man—a sex advice columnist:

With the Massachusetts Democratic Party attacking Senator Scott Brown for refusing to film a video for the "It Gets Better Project," which offers moral support to gay teens, the National Republican Senatorial Committee came to Brown's defense today with a shot at the project's founder, Dan Savage.

Savage, who edits the Seattle alt-weekly The Stranger, is best known as an often-raunchy syndicated sex columnist.

Emails NRSC communications director Brian Walsh:

If, as the old saying goes, you’re known by the company you keep, than the voters of Massachusetts deserve to know who Democrat Party operatives are teaming up with to spread outrageous attacks on Scott Brown’s character. It’s truly reached a new level of desperation in their efforts to tear down Scott Brown, but we look forward to hearing whether state and national Democrat leaders agree with Dan Savage’s long history of lewd, violent and anti-Christian rhetoric. Given their press conference call today, one has to presume at this point that they do.

Mr. Savage should be honored. Like MSNBC host Rachel Maddow, it seems his very name is now a fundraising cue for American conservatives.

Is that one of those, "You know you've made it when ...", moments?

At any rate, yeah. War on Terror. Debt ceiling. Youth abroad with political consciences. Yet the appeal for support apparently demands that the GOP make Dan Savage a top priority.

Too bad the stakes are so high. The GOP is a perpetual-motion machine otherwise known by the cliché, the gift that keeps on giving.

Notes on the Debt Ceiling Debate

Notes on the debt ceiling debate:

Some market observers speculate that a downgrade would be a non-event: Japan, for example, went from a rating of AAA to AA without much drama. Others suggest that a downgrade would increase Treasury’s borrowing costs by $100 billion a year or more, making our already unsustainable deficit trajectory even worse.

There are no rules to define what is systemic and what isn’t — or to accurately predict the consequences of an economic shock. Each crisis is unique. How exactly it will affect financial markets, companies and our economy is impossible to know. Nonetheless, recent examples offer guidance.

In 2008, a number of once-cherished beliefs were turned upside down: (1) that home prices in America would never fall; (2) that AAA-rated subprime securities are money-good; (3) that a major investment bank would never fail. Consumers, investors and companies allocated capital according to these truths. When the beliefs were revealed to be false, massive shocks were inflicted on the economy as financial markets rapidly adjusted to account for these new risks.

Neel Kashkari's analysis of potential impacts for The Washington Post is worth a read. And as long as we're pausing to think about credit ratings, former Secretary of Labor Robert Reich offers up his own opinion thereof:

... Standard & Poor's has gone a step further: It says even if the debt ceiling is raised next week, it might still lower the nation's credit rating -- unless the deal also contains a credible, bipartisan plan to reduce the long-term budget deficit by $4 trillion. This is something neither Senate Majority Leader Harry Reid's nor House Speaker John Boehner's plans would accomplish.

Now I don't mean to be impertinent, but as long as America pays its debts on time, who is Standard & Poor's to tell America how much debt it has to shed and by when?

Until the eve of Wall Street's collapse in late 2007, S&P gave triple-A ratings to what turned out to be some of the Street's riskiest packages of mortgage-backed securities.

Had S&P done its job, we wouldn't have had the debt and housing bubbles to begin with. That means taxpayers wouldn't have had to bail out Wall Street. We probably wouldn't have had a Great Recession. Millions of Americans wouldn't be jobless and collecting unemployment benefits. There'd be no need for the stimulus that saved 3 million other jobs. And far more tax revenue would have been pouring into the Treasury.

In other words, had S&P done its job, the federal budget deficit would likely be far smaller than it is today -- and S&P wouldn't be threatening the United States with a downgrade if we didn't come up with a plan for shrinking it.

And why has S&P decided to get into public policy now anyway? Where was it when President George W. Bush turned a $5 trillion budget surplus bequeathed to him by Bill Clinton into a gaping deficit?

Of course, this is what happens when we play by marketplace rules intended not for the benefit of the marketplace, but, rather, those who wish to control it.

Best Political Cartoon I've Seen in a While

Who: Rainer Hachfeld
What: "Republican Descent To Hell", Cagle Post
When: July 28, 2011

Nothing I could possibly say would add to this:

Republicans Put the United States of America in Their Crosshairs

Who: Eugene Robinson
What: "Why progressives need a Big Idea", The Washington Post
When: July 28, 2011

Those who would chronicle events in Washington can find no richer source of analogy and metaphor than the Three Stooges. These days, I’m thinking of the times when an exasperated Moe, having suffered the indignity of an accidental spritzing or clobbering, turns to Larry or Curly and demands, “What’s the big idea?”

The premise of the debt-ceiling fight is too far-fetched for a Stooges film, since no audience could imagine leaders of a great nation stumbling into such a mess. Moe’s trademark line is still relevant, however, even if it’s not followed by the two-fingered poke in the eyes that our elected officials richly deserve ....

.... Conservatives are on a winning streak because they have a Big Idea that serves as an animating, motivating, unifying force. It happens to be a very bad idea, but it’s better than nothing — which, sadly, is what progressives have.

The simplistic Big Idea that defines today’s Republican Party is that taxes are always too high and government spending is always wasteful. Therefore, both taxes and spending need to be reduced.

That’s basically it. There are a couple of asterisks: Many conservatives, perhaps most, don’t consider the military a part of “government” per se and are more amenable to defense spending; and even a Tea Party freshman is more likely to keep an open mind about the publicly funded infrastructure project in his or her own district. There is also an overarching philosophy about the relationship between government and the individual, and some conservatives imagine a “return” to a Jeffersonian Arcadia that never was.

In terms of the ongoing rivalry between Democrats and Republicans generally, Robinson is absolutely correct that Democrats have no "Big Idea" to pitch to voters.

But I think the key word above is that Robinson is describing the simplistic Big Idea of the GOP. Consider what we have long heard from Republicans about government, taxes, and entitlement. And then consider what happens if that simplistic Big Idea comes true. The two conditions coincide.

To put it bluntly, the GOP is presently attempting nothing more than the destruction of the United States government.