Post #1 Obama and the Debt Ceiling

     Krugman begins the article with a comment about the deal about the federal debt ceiling.  He says the deal will depress the economy further and will make America's long tern deficit problem even worse. He then goes on to talk about how the spending cuts without added revenue is depressing the economy further.  Krugman goes back to discuss the actual terms of the deal which brings up his opinion on why the president surrendered. He begins to talk about how the Republican party continues to threaten the president in order to dictate the policies they want to get across. He maintains that we are witnessing a catastrophe on many levels. He ends with saying the Democratic party wont be the only losers and questions the validity of America's democracy if the Republicans can get away with basically blackmailing the president.

1. The federal debt celing is the total limit applied to nearly all federal debt.

2. According to the New Republic magazine, America doesn't have a long term deficit problem. http://www.tnr.com/article/politics/93365/no-long-term-deficit-problem

3. Krugman believes the worst thing you can do during a bad economy is slash government spending.

4. Krugman says the president surrendered to the Republicans because he gave into their demands when they made their threats.

5. Defense spending is the same thing as military spending. Military spending is how much money America spends on "beefing up" the military and what percent of the GDP (gross domestic product) it is.

6. The G.O.P is a short for the Grand Old Party, or the Republican party.

7. It is my understanding that Krugman is most upset over how quickly the president is to give in to the demands and threats of the Republicans.

8. Medicare is medical insurance for people over 65 and young people with certain disabilities and any age with permanent kidney failure (called “End-Stage Renal Disease”)

9. Krugman concludes by questioning America's democracy and if it truly works since the Republicans have gotten away with such blackmail just to dictate policies. 

10. I believe his political opinions are those of the Democratic party. He isn't afraid to call out our president on what he believes isn't right.