The stock market fell on the news that the Super Committee was a super failure. In a morally ordered universe the members would quietly tender their resignations and slink off in well earned disgrace. Some would argue that it's unfair to hold the members personally responsible. If not them who? They weren't drafted. They volunteered and would have taken the bows and praise had they succeeded. The results of the Super Committee's failure will not be long in coming. Surely Fisk and Moodys will downgrade US sovereign debt. What few indicators of progress the economy had been making will be reversed and the political rhetoric will heighten. Why would any individual or corporation make a positive bet on a country with a totally dysfunctional government?
The American public has been ill served by its Congress and its absent President and it should demand an immediate accounting. What is the President's plan to deal with the long term debt? How does Obama intend to deal with tax reform. How does he intend to pay for the growing list of entitlements? With green energy and unemployment checks? Why cannot Speaker Boehner find the courage to cut all nonessential spending to zero? It is well within the power of Congress to withhold all future spending in any and all departments. NASA is not doing anything; it doesn't need a budget. Pell grants? We got along without them for two hundred years. The Import Export bank that spends 40% of its budget on one firm, Boeing? Zero it out.
The next few months promise only despair. Thanks a lot, Super Committee and Happy Thanksgiving.
Yeah, except I was stunned to learn that there ARE NO CUTS even in the backup plan so all this yacking about how bad everything will be is baloney. The "cuts" to take effect are cuts in rates of increase. I heard Rand Paul say that even the military will still increase 16%.
ReplyDeleteWhat a joke.