In one easy graph.

It’s very vicious circle (as often happens when the government gets involved).
Apparently, for those concerned, the prognosis is good.
Like the Ex-Im Bank, this is another place the federal government could profitably be pared.
She’s no longer the biggest idiot at CNN. [Hat tip, Iowahawk]
In his East Room address in July concerning the debt ceiling negotiations, Mr. Obama blamed “a significant number of Republicans in Congress (who) are insisting on a cuts-only approach.” As we now know, this was not the reason the negotiations failed. While some Republicans may have wanted such an agreement, their leadership was prepared to agree to some $800 billion in higher taxes. In any event, it wasn’t the cuts-only crowd that balked; it was the president. Railing at the GOP wasn’t a smart move; petulance does not become the Commander in Chief. In the end, both Mr. Obama and Congress suffered a decline in approval ratings.
As Americans learn the truth of this failed effort, they may start to question other aspects of the White House narrative. They may wonder whether the president blocked the Keystone XL pipeline out of safety concerns or to appease environmentalists whose support he needs, or whether Obamacare will in fact slow the rise in healthcare costs. They may even begin to question whether millionaires and billionaires actually pay less in taxes than their secretaries. Losing credibility is a terrible thing; on the other hand, Mr. Obama’s loss may be the country’s gain.
Let’s hope.
“Obama loses credibility” is an evergreen headline. Or should be.
Michael Listner says it isn’t dead yet.
In a couple weeks, I may be making an announcement that could help kill it, though.
Oh, goody. Is China on the verge of another one? Because, you know, the last one worked out so well.
[Noon update]
This seems like it might be related: Japan is getting worried about China.
[Bumped]
It is not obvious to me that exploring and producing oil in Virunga National Park will have an adverse affect on the wildlife. If the government is responsible, the tax revenues could help pay for increased protection and security.
…with a Romney/Hitler comparison. It’s all part of the new civility, I guess. But as is pointed out, Axelrod’s own house is a little too glassy to be tossing that particular stone.
The administration has been played (again) by North Korea. I doubt that it is a satellite launch, but it’s actually a lot easier to launch a satellite than to deliver a warhead (which is what they really want to learn how to do).
[Update mid afternoon]
A missile launch would be “a deal breaker for the administration.” Yeah, right.