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Sat Jan 19, 2013, 12:25 PM

Krugman admits it: Pres. Obama was right & he was wrong. (Good move, Paul) [View all]

Not With A Bang But With A Whimper



When youíre wrong, youíre wrong. I thought that by ruling out any way to bypass the debt limit, the White House was setting itself up, at least potentially, for an ignominious cave-in. But it appears that the strategy has worked, and itís the Republicans giving up. Iím happy to concede that the president and team called this one right.

And itís a big deal.
Yes, the GOP could come back on the debt ceiling, but that seems unlikely. It could try to make a big deal of the sequester, but thatís a lot more like the fiscal cliff than it is like the debt ceiling: not good, but not potentially catastrophic, and therefore poor terrain for the ďweíre crazier than you areĒ strategy. And while Republicans could shut down the government, my guess is that Democrats would actually be gleeful at that prospect: the PR would be overwhelmingly favorable for Obama, and again, not much risk of blowing up the world.

The key point to remember here is that Obama achieves his main goals simply by surviving. Above all, health reform gets implemented, and probably becomes irreversible.

A good day for sanity, all around.

http://krugman.blogs.nytimes.com/2013/01/18/not-with-a-bang-but-with-a-whimper/?smid=tw-share

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Reply Krugman admits it: Pres. Obama was right & he was wrong. (Good move, Paul) [View all]
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