Dog Days in D.C.

--It's official President Obama is a one-term President. This was the point I was waiting for. The President's approval rating has dipped to 42% and independents didn't really like his performance in the debt ceiling deal. We forget both Reagan and Clinton reached similar points, both hitting approval ratings in the mid-30s about this point in their first term. Already conservative magazine are writing about this. Remember it was the GOP strategy from Day One to make him into Jimmy Carter. But a funny thing is also happening. Politico's on-line poll today actually had 46% believe Obama would be re-elected, 42% no. As Yogi used to say,"It's not over until it's over."

--New polling numbers show that more, not less Americans believe George W is responsible for our economic woes--44% and 20% believe it's Barack Obama. The bad news is that the number for the President has nearly doubled.

--Washington finally left town after temporarily solving the FAA issue. Another manufactured crisis which threatened nearly 75,000 construction jobs and 4,000 FAA employees.

--I've read the whole gamut on the debt ceiling deal. I can't help feeling that it is much ado about nothing. So Obama caved to $25 billion in cuts--that's the real number. You almost want to see the triggers for the Super Congressional Committee to hit next year. Already the defense industry lobbyists are gearing up because the cuts would be automatically $600 billion over 10-years, which Leon Panetta says would be crippling. Also our favorite lobby--the health insurance crowd--is trying to fight the trigger on Medicare. Put me down as extgremely skeptical about the Super Committee and whether it will accomplish anything--either positive or negative.

--I watched Charlie Rose while away and he had Al Hunt, Peter Orzag and others on to discuss the debt ceiling deal. Most said it would not do anything except all agreed that it caused the international community to wince at the United States and its ability to lead the world in economics in the near future.

--Today the President turned 50. Happy Birthday, BHO! So far, it's been an amazing run. Hope you have many more. And not so coincidentally, the market had its biggest crash since 2008. The market loss over the whole debt ceiling debate erased all gains for the market in the year.

--There actually is an upside to the downside. The combination of market woes and the debt ceiling debate re-focused everyone's attention on creating jobs and getting the economy going again. This has been the trend from financial traders to the Left. Market concern seems to be focussed on the effects in Europe of the austerity programs, which have not lightened the debt issue,only made things worse.

--Through all the noise, it was refreshing to see Alan Simpson appear on Lawrence O'Donnell's show to outline how you actually eliminate tax loopholes and lower tax rates and generate trillions more government revenues. He also went on a tirade about Grover Norquist and he demanded people investigate where this character from Casino Jack gets his money or "scratch" as Simpson said. His point was that when anyone gains such importance in our political system we have to examine who there are and who they answer to.

--Also emerging to sound a reasonable note is David Frum, who challenged the idea that Barack Obama's policies are to blame for our current economic situation. Frum points out that Obama has actually been the largest tax cutter in history, very few regulations have actually taken effect and that he hasn't grown the government hardly at all. In short the so-called conservative case against Barack Obama is non-existent. I suspect you will hear more and more from conservatives of their concern about real problems facing the American economy.

--The GOP field in 2012 is having terrible problems getting out the gate. Mitt Romney was almost no where to be found on the debt ceiling debate, which drew attacks from Jon Huntsman. Frothy Mix Santorum keeps stepping in it as he vowed to distribute jellies in Iowa. This guy has definitely been spooked by Dan Savage and is mired into acting out the worse double entendres. Michell Bachmann continues her crazy campaign. And Rick Perry seems to be blowing his great Christ-o-thon. And ole' Mitt signed on to the Protect Marriage pledge in Iowa. Tim Pawlenty had to pull his ads from Iowa before the Ames straw poll. At this point, it looks like the whole field is impolding.

--The RNC chair would like you to forget about the Wisconsin Recall elections where the Koch-funded front groups are pouring in millions to save the Republicans. Right now, all six Democrats are polling ahead of the Republicans. The GOP doesn't want anyone to think these elections have anything to do with 2012.

--The union-busting bill will be on the Ohio ballot this November, where it is likely to be reversed.

--The good news is that the GOP are unlikely to revisit their antics on the debt ceiling. Despite their vows to continue on, there doesn't seem to be the stomach. One columnist said that the GOP will never do it when there is a Republican President and their interest in the deficit will miraculously disappear as it did under George W. However,watch for the government shutdown show coming in a few weeks.

--The debt ceiling was one of those awful moments of lose-lose. John Boehner may say he got 98% of what he wanted but no one believes him. The Left feel that Obama has caved again but there is little to warrant this claim. Washington pundits like to brag that "old Washington" triumphed. The polls now show that Congress has the lowest approval ratings in modern memory. Not alot to brag about.

--Personally, I think the program cutters and no tax revenues crowd have run the string. Yes, the optics favored the GOP's framing of the debate but I believe it has exhausted itself as a viab le political language. The built-up demand for a growth policy and the distaste people have for the teabaggers is palpable. Where you will see this refrain continue will be in the GOP presidential contest, where the candidates will be behind the learning curve. It will be a rfeal test for President Obama to regain control of the political language, which he did for the first two years of his Presidency. But the scorecard from other austerity programs is already in.

--By the way, Mariano Rivera has 28 saves--closing in on a record 9 straight 30 save seasons.

--The last few weeks have brought home the lesson that both the Right and the Left are incapable of creating a language for understanding the state of our current economy. The Right has pursued its cutting program and attempts to eviscerate the social safety net. The Left is now primarily defensive, trying to defend threatened programs of the New Deal and the Great Society. But it's time for a new paradigm. I hope to explore this subject in the future.