Porky and Bust
Submitted by Atlas Indicators Investment Advisors on May 31st, 2023
With the unofficial start to summer right around the corner, “Summertime” from George Gershwin’s opera Porgy and Bess which premiered in Boston in 1935 is frequently playing on the Atlas jukebox. This story centers around an African American couple living in South Carolina on Charleston’s impoverished Catfish Row. Porgy is a street beggar, and Bess is the woman he tries rescuing from a possessive and violent lover. Even if you don’t know the opera, you’re still likely to find the song familiar as its been covered by many artists over the years (give it a listen here).
Many Americans find themselves in situations not unlike Porgy, having difficulties making ends meet. Now we are all living in a country that might be having the same issue shortly. America is once again up to its debt ceiling. But don’t worry, the actors in Washington D.C. are warming up for their own opera; its working title is Porky and Bust. Unfortunately, there are no lovers and two sides aren’t singing the same tune. If they aren’t careful, some of the financially vulnerable among us will be most negatively impacted.
Like Porgy and Bess, the Washington D.C. version has some extreme characters. Atlas will let you decide who is playing Sportin’ Life and Crown, but neither may have your best interests in mind at the negotiation table. Instead, these political actors might be after a quick fix which could lead to longer-term consequences. For now, we find the beltway in gridlock with members of Congress desperately clinging to their pieces of the pork pie. So far, nobody is touching the other perennial favorite that started in 1935: Social Security. That might prove too extreme for any of them today. Perhaps another group of characters will tackle the matter before it goes bust; currently scheduled for 2034.
Porgy and Bess struggled through a difficult journey which ended optimistically for both, but that required an entirely new life for them, one away from the trappings of a city, opting for a small fishing village instead. In order for their future success, they needed a commitment to work together. What do you think the chances are that Congress will take a similar approach?