Since the November elections we have been treated to two “moments of truth”.     The first was in December when the Bush tax rates were extended for two years.           Among conservatives there was considerable disagreement at the time because spending was increased over $200 billion and some of Bo’s more egregious initiatives were funded along with the extension.       But, the most the Republicans could do at the time was filibuster in the Senate and we were assured “It was the best deal we could get”.

The second moment was after Republicans took control of the House and the long delayed budget for 2011 was to be voted on.       Hopes were high that now, with the power of the purse, the obscene overspending begun in 2008 could be brought to a halt.      But it was not to be.      The Democrats held firm.    It was to be their way or no way.       Boehner blinked.      The Republican House passed a 2011 budget that contemplates outlays about $200 billion higher than the budget for 2010 passed by Pelosi & company.      Get ready to hear this in the future, “Republicans are bigger spenders than Democrats”.       However, I was assured by my own Representative–Jenkins–a good conservative–that “It’s the best deal we could get.”

Republicans sole power is the Power of the Purse.     But any power you are unwilling to use is no power at all.        We hear the Democrats (the media) say “the people want cooperation”.       The Founders didn’t expect cooperation among the Branches.    They expected tension, with each Branch jealously guarding their power.      The Republicans have surrendered their power to the Senate and the Executive.      They have done this because. . .well. . .because the Democrats have bigger gonads.    The Dems are willing to do what we saw in Wisconsin.       If Boehner & Company were in office in Wisconsin, The Dems would have won.    Wisconsin Republicans would have heard “It’s the best deal we could get.”

Republican office holders seem to be under the misapprehension they can vote to spend these obscene amounts (because Democrats will not agree to any less) and people will realize it’s the Democrats who are big spenders.       That’s not the way it’s seen—The media will see to that.      By voting for these ruinous bills, the Republicans are accessories to the crime.      At least the Democrats are not hypocrites on this.   They claim to believe the debt will not destroy the country—-No doubt they’re lying—They usually are.   But Republicans say they know the debt will destroy the country, then vote to spend the money anyway.      There is no way out of this without pain.      It can be short term and harsh or long term and harsher.      Rather than condemn tens of millions to penury, they need to man up and stop borrowing.      Republicans can either be bi-partisan or they can what they know to be right, but I’m not holding my breath.

On the debt authorization, I don’t expect much.     Senate Dems will not allow anything which will actually reduce spending.      They may “only” authorize another Trillion. . .an amount that will get us through to Winter.       The Treasury is set to stop buying bonds in June.     Interest rates will climb  rapidly.    Depending on the maturities in Treasury’s portfolio, debt service will climb neccessitating a return to money printing.       Peronist policies will almost certainly result in Peronist inflation.       A loaf of bread could hit $50.00 by next Spring.     We’ll know by September.

What ever Boehner & Company do the next few weeks, I expect we’ll hear “It’s the best deal we could get” at least twice more.    As a life long Republican (My mother hated Roosevelt) it’s sad to contemplate the epitaph on their tombstone, “It’s the best deal we could get”.