Monday, November 21, 2011

The sound of a can kicked down the road?

That can called Super Committee has finally stopped bouncing. And it looks like nothing happened, not surprising when you consider WHY the can was kicked down the road back last summer.
Neither side had the votes to push thru their vision of budget balance. The Democrats want to hike taxes to continue spending, the Republicans want to cut spending and not hike taxes. Neither side wanted to suffer the 40 percent spending cut that failure to raise the debt limit would have forced. So they punted. And now the punt is falling back to earth.
If the country is lucky, a Republican victory next November will give the Republicans enough votes to push thru their plan. If our luck fails, we go the way of Greece and Italy, within a couple of years.

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