Deficit solution will have to wait for 2012 elections

So, the congressional “super committee” failed to agree to a deal that would cut deficits. Maybe the defense-heavy spending cuts will now take effect, or maybe Congress will find a way to finagle its way out of them.

A deal that reformed entitlements and the tax code would have been great. But it was never terribly likely.

As much as people like to wring their hands about partisanship and ideological inflexibility, the fact is that there is a deep divide in this country about how to fix the nation’s finances. Oh, sure, you can find polls whose respondents largely say, “cut spending and raise taxes!” But dig much deeper, and the specifics — usually, cut the spending I don’t like (on programs that amount to peanuts), and raise other people’s taxes — don’t lend themselves to a grand bargain.

There is an election in 11.5 months, and no issue before the electorate surpasses the urgent importance of this one. There won’t be a breakthrough on it before then. Whether we get one afterward, and how soon, will depend a) on the results, and b) how soon the inevitable arrives.

Because the day of reckoning is inevitable: Anything that can’t go on forever, as the economist Herb Stein is said to have pointed out, won’t. And this definitely can’t.

– By Kyle Wingfield

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178 comments Add your comment

Republican Supporters Have Been BAMBOOZLED by their OWN PARTY

November 21st, 2011
6:07 pm

Once again the GOP is protecting the rich!

If you are a Republican/supporter you should be outraged because this AFFECTS YOU! Unless you are in the top 1% WHICH I DOUBT!

It is not partisanship and ideological inflexibility. What it is – is the GOP would rather protect the rich and sacrifice the poor. You Republican supporters can keep on supporting and defending “YOUR PARTY” while they SELL YOU DOWN THE RIVER!

REMEMBER your destiny is tied up with our destiny. If we go down you will go down too.

Shame on the Republicans and Grover Norquist

November 21st, 2011
6:09 pm

Republican supporters have their own party and Grover Norquist to blame for this mess!

Republicans have signed the pledge to NOT RAISE TAXES and THEY ARE STUCK and so are their supporters.

Republican Supporters Have Been BAMBOOZLED by their OWN PARTY

November 21st, 2011
6:16 pm

Grover Norquist was the 13th member of the Super Committee. If you don’t know who he is GOOGLE HIM!

The pledge that Grover Norquist had the Republicans to sign (NOT TO RAISE TAXES) HAS NO EXPIRATION DATE.

Everythings has a sell by/expiration date. Your milk has an expiration date!

Republicans you have been BAMBOOZLED by your own party!

joe

November 21st, 2011
6:17 pm

Gadzooks I’m sick of losing money in the stock market.

getalife

November 21st, 2011
6:19 pm

The gop lied about cutting spending.

You cons will still reward them with your votes.

ATF

November 21st, 2011
6:23 pm

Nice try,Wingfield. But, the Bush tax cuts that continued during one justified war and another totally unjustified war, would have produced something like $2 or $3 trillion in tax revenue over a decade. What the Teapublicans proposed to the super committee was something like $250-$300 billion in increased revenue over a decade – if I read it right. Oh, we need the tax reform, no doubt about it, but, the majority of people want tax increases back on the table – and we will remember come voting time who said “NO”.

Add to that the fact that we very clearly see that the old “trickle down” is really a “trickle up” that has, over the past 30 years , meant the rich got richer, the middle was stagnant, and the lower even lower, then crash the economy and wipe out housing values.

We know who did all of that. If tax cuts produce jobs, where are they? I mean, the Bush tax cuts are still in effect so where are the jobs? Oh, overseas. That is what all those tax cuts produced, overseas jobs. Silly me.

Quantyce

November 21st, 2011
6:25 pm

Relax Kyle. Long as the Federal Reserve has the ability to print money we’ll be OK. It could still be years till the day the Chinese catch on and say hey, wtF?.

Hillbilly D

November 21st, 2011
6:29 pm

The Super Committee failed and it’s kick the can down the road time, again. Who didn’t see that one coming?

The one thing you can count on in any political deal is that “back-track and wiggle-out room” is always written into the fine print, somewhere.

Sen. Joe Manchin (D) Is Upset With Obama Being Awol

November 21st, 2011
6:31 pm

Sen. Joe Manchin has wondered where Obama has been in all of this, and is apparently none too pleased that Obama has shown a lack of leadership.

Obama phoned it in…

Manchin – a maverick – is riding the straight-talk express, while Obama is riding the full-campaign-mode-express… even now.

Aquagirl

November 21st, 2011
6:39 pm

Sen. Joe Manchin has wondered where Obama has been in all of this

Someone should inform the good idiot from West Virginia that Obama is not responsible for Congress effing things up.

Sen. Joe Manchin (D) Is Upset With Obama Being Awol

November 21st, 2011
6:39 pm

If tax cuts for the rich don’t produce jobs, and Obama is/was opposed to them, why did he agree that taxes should not be raised in a recession and now has reversed course? He was for raising taxes on the rich, then against, now for them again.

Obama’s rhetoric is erratic and he can’t lead.

Ross Perot

November 21st, 2011
6:40 pm

Both parties kicked the can down the road. On one hand you have the idea of trickle down economics, letting the rich keep their money and corporations evading taxes through legal loopholes so they can create jobs. On the other hand, you have the big government types that want to increase taxes on the rich and spend another half a trillion on stimulus for unsustainable jobs, those who believe that government is good and to be trusted. I don’t want the stimulus, our first crook would use it to reward more crony donorists.

Sen. Joe Manchin (D) Is Upset With Obama Being Awol

November 21st, 2011
6:42 pm

@Aquagirl

Manchin is about as non-partisan as you can get, really fights for his constituents, and is a maverick voice that is sorely lacking in D.C.

For him to lean the way that he does, speaks volumes.

Hillbilly D

November 21st, 2011
6:48 pm

Each side is made up of true believers who are wedded to their particular abstract economic theory. One side is made of up those who think a modified Keynesian theory is the way to go and the other side is made up of those who think a modified Trickle Down theory is the way to go. I think times has passed both sides by. Each theory had it’s place at a particular point in time but times have changed. I think we need to be looking for new ways to get out of this.

Aquagirl

November 21st, 2011
6:57 pm

Manchin is about as non-partisan as you can get

So? He’s still an idiot. He represents a constituency that re-elected Robert Byrd until he basically dropped dead. As long as Byrd shoveled federal dollars into their gaping maws they could have cared less their Senator looked like a bit player on the Walking Dead.

Sorry, not impressed by a self-serving idiot elected by other self-serving idiots. But it’s a free country, you can certainly hump Mr. Manchin’s leg all you please if he’s feeding your Obama hate.

Boris Badnoff

November 21st, 2011
7:09 pm

Oh Dear. Could it be that next January The Messiah will be doing commercials for Reverse Mortgages or co hosting The View? Why are the groundlings so unappreciative that He descended from the Clouds and consented to be Our God? Aren’t they aware of his incredible accomplishments? Well make that one accomplishment: Thanks to The Bringer of Light, AAA now just refers to a roadside service for cars. When Yellow Dog Democrat Pat Caddell suggests that Our Nobel Peace Prize Winning CEO quit for the good of the country and the Democrat Party that should tell you something. Unless you are Jay Bookman who could blame the extinction of the dinosaurs on those rascally GOP demons.

Really?

November 21st, 2011
7:16 pm

The Republicans ARE the dinosaurs!

Ross Perot

November 21st, 2011
7:44 pm

The democrats ARE the cavemen!

I Report (-: You Whine )-: Thee Magnificent!!! mmm, mmmm, mmmmm! Just sayin...

November 21st, 2011
7:46 pm

The only way to cut spending is too cut dummycrats…..out of government.

They’ll still whine and blubber but they won’t have a say.

Sister Sarah

November 21st, 2011
7:47 pm

Plain and simple Obama plays chess against a bunch of CHECKER players! We get the $1.2 trillion in cuts either way, so what exactly are people complaining about??? If nothing gets done by the congresspersons, the cuts are automatically triggered. So what’s the problem?? Oh…let me guess, $500 BILLION comes from the military budget. Now for a bit of truth (from a 15 year veteran I might add). We maintain our “strong military” not necessarily because people “hate our freedom”, but because as long as we maintain such military capability we can continue to hold our debtors at bay, to keep ourselves inserted around the world lifting riches where we can…exerting our “military might” to make foreign governments do what we want them to do. The cold water has long been over, yet we maintain a nuclear arsenal far beyond all others. You do the math. It is the ultimate equalizer.

Sister Sarah

November 21st, 2011
7:50 pm

…and I meant to say cold “water”. I spent enough time on the cold “waTEr”.

bill

November 21st, 2011
7:51 pm

The greatest threat to our national security is Washington.

Sister Sarah

November 21st, 2011
7:52 pm

..urrgghhh.. cold WAR!!! But that’s what it’ll do to you. (distracted)

@@

November 21st, 2011
7:53 pm

My posts are misappearing.

Paulo 977

November 21st, 2011
7:55 pm

Sister Sarah: The cold water has long been over, yet we maintain a nuclear arsenal far beyond all others. You do the math. It is the ultimate equalizer.
Isn’t it the truth!!

JF McNamara

November 21st, 2011
8:08 pm

Sen. Joe Manchin (D) Is Upset With Obama Being Awol,

Obama just said that he will veto any attempts to stop the auto cuts. If you remember, Obama was intimately involved in the process before, and all it did was polarize the sides and make it a public disaster.

Its not leadership to blame others for your failures. Joe Manchin is in Congress. Its his job to do the budget, and it was the legislative branches job to come to agreement. They did not. Joe Manchin is a complete failure along with everyone else in Congress.

Streetracer

November 21st, 2011
8:15 pm

As I have posted before in other places, the US has a more progressive tax system than France or Germany (or several other countries). Would someone please explain to me why making it even more progressive will improve things?

I Report (-: You Whine )-: Thee Magnificent!!! mmm, mmmm, mmmmm! Just sayin...

November 21st, 2011
8:33 pm

Speaking of will, let’s also remember what happens when America shows it has none. Osama bin Laden attacked us on 9/11 because he took our retreats from Lebanon and Somalia, and our meek responses to the attacks on our embassies in East Africa and the USS Cole, as evidence that we didn’t have the stomach for a long fight. Our troops have spent the last decade re-establishing our credibility, only to see President Obama squander it with our total withdrawal from Iraq and his promised withdrawal from Afghanistan.

On this day when some slobber for cuts in defense spending, allow me to correct the above passage- dummycrats do not have the will to protect America.

How much more proof do you need?

Vinny

November 21st, 2011
8:54 pm

This is a failure of leadership by Obama. I wish that America had a President that could lead.

If Obama had not desire to lead, then he should never have run for President. What a loser.

Sister Sarah

November 21st, 2011
9:08 pm

@IRYW

You, by every appearance sentiment you expressed are a rhetorically influenced war monger. And again, this comes from a TWICE National Defense Server Medal recipient. Firstly, Iraq has been nothing but money thrown down the s—-er and has been a major factor in BANKRUPTING the country, compliments of the Bush administration and its WMD claims. Please spare us the “rest of the world intelligence” garbage. We’re supposed to be sooo “exceptional”, yet hide behind that B-S argument. We went into Iraq forsaking Afghanistan because of the priorities of the administration, which turned out to be WRONG. So you’d rather keep throwing money down the s—-er to try and save face. It has nothing to do with “will”. You really think we have been in the Middle East because we care about those people?? If so, have your head examined. I had a distant relative that had received orders to the Cole around the time of the attack. That however, does not cloud my vision as far as how we project power around the world. Why am I even wasting my time on you.. all that B-S you’re spouting is rote radio jock. You’re clueless… TROLL!.. And when’s the last F’n time you strapped on an M-16, supported a flight operation, or manned a watch, keyboard warrior??? It’s always your types who talk all the s—!

Todd

November 21st, 2011
9:10 pm

Anyone that takes a side on this issue is bilnd. The system is broken. Dems and Repubs are all the problem. We need to start over. Vote out every politician.

Uncle Billy

November 21st, 2011
9:15 pm

Kyle,

Forever is a long time.

Dusty

November 21st, 2011
9:18 pm

Does anybody even know what figures came from the super committee? Alll I’ve heard was “It did not pass.” What didn’t?

Were there tax cuts! Were there cuts in expenditures? Was the military cut short? Was ObamaCare deleted or curbed?

Alll I know is that neither side likes the other and the president was not there trying to help but running around the country making re-election talks at the taxpayers expense.

We need a leader in Washington who stays there and works on “business” and works with Congress and works with the military and doesn’t act like our country is the “pits”.

Vinny is right about our leadership. The next election will not come soon enough. I don’t expect miracles even then. But with a good leader and diplomacy (with congress) , love of country that shows; this country will shine again. I am sure of that.

Old Timer

November 21st, 2011
9:27 pm

Gadzooks I’m sick of losing money in the stock market.

That’s why I got out. Minor boomlets in the market are rapidly offset by thunderous crashes. In the long run, there’s nothing to invest in. Most manufacturing has moved overseas. Technology is very iffy, and there’s nothing in the financial sector to give any encouragement. I have $300,000 resting in a checking account, and all I see is a !% return at best in any safe alternative. Even then, I’m looking at fees and the risk of inflation for longer-term investments. I’d rather put my money under the mattress than risk it in the alternatives that pose risk. And you wonder why we’re circling the drain? I think that all the politicians are waiting for the inevitable inflation to wipe out the national debt and put us through the wringer again. Bernanke can’t control inflation forever. Jimmy Carter, here we come.

Sister Sarah

November 21st, 2011
9:43 pm

So Old Timer why don’t you move some of that cash into PMs (physical)? I’m guessing though if you have 300 sitting in a checking account you may already have some of that as part of your portfolio. It would suck for your 300 fiat to become not worth the paper it is printed on should the aforementioned come to pass.

Don't Tread

November 21st, 2011
9:47 pm

And I hate to say I told you so…but I told you so. This thing was doomed to failure from the beginning. At least the Democrats didn’t have full control of Congress, otherwise anyone who earned their own money would just have to give it all back (in the name of “fairness” and “economic justice”, of course).

But regardless, this is getting real ugly, real quickly.

Lynnie Gal

November 21st, 2011
9:56 pm

The Super Committee was a bad idea anyway. Republicans started this BS because they were too dumb or too callous to care to raise the debt ceiling (and because they delayed the process, US got downgraded.) It’s GOT to be obvious even to the most savage knuckleheads who vote R no matter what that these guys are ONLY protecting the millionaires and billionaires and their goal is to chip away at the middle class until there is no middle class anymore. They’ve just about accomplished that, except the middle class is harder to kill than they thought–even the heart of roadkill will keep beating for a little while. If Republicans win next year, you can bet they’ll finish the job.

Acer706

November 21st, 2011
9:57 pm

Sister Sarah:

Move On… Bush is gone… Let it go.

An entire term has passed on someone else’s watch. Stop being so onesided.

Dusty

November 21st, 2011
10:18 pm

Ho hummm…so Republicans only goal is to chip away at the middle class. Now that’s a strange statement considering most Republicans are middle class.

But, if you want to stir up a fuss and pass the propaganda, you say things like that. Then you dismiss any committee studies and call it dumb and than blame a titanic debt on the people who did NOT want the debt ceiling raised. That’s because they did not want a bigger debt.

So Lynnie Gal and her Sister Sarah think the end is near and the sky is falling. Good! We need a fresh start after the current administrative crowd has run amuck. There’s light at the end of the tunnel and Republcans are holding the lantern. Let’s go for it!

Sister Sarah

November 21st, 2011
10:21 pm

@Acer you missed the entire point. Furthermore, people kill me when they want to DENY HISTORY. I mean… you want to RAISE HISTORY when it suits your case. You bypassed the ENTIRE POST that the Bush comment was a rebuttal to. How about I paste it or you (let’s affix the widdle bibby first):

“. Osama bin Laden attacked us on 9/11 because he took our retreats from Lebanon and Somalia, and our meek responses to the attacks on our embassies in East Africa and the USS Cole, as evidence that we didn’t have the stomach for a long fight. “… – “HISTORY” (the events at least, that you are cool with considering obviously)

Yet, “Bush is gone… Let it go”? Dude.. get a clue. Mentally, you are not even prepared to engage in the discussion. I play all sides, actually. It’s just that I’m a pretty good B-S sifter, and unfortunately, a lot of the B-S comes from one direction moreso than the other these days because the ideology has been reduced to that.

Acer706

November 21st, 2011
10:24 pm

HDB

November 21st, 2011
10:32 pm

“There’s light at the end of the tunnel and Republicans are holding the lantern. Let’s go for it!”

REALLY?? Where was all of this concern when the nation got BUSHwhacked?? No problems about spending then!! Tax cuts didn’t work, did they??

It was the REPUBLICANS that put us in this fix…and you trust them to get us OUT?? GIVE ME A BREAK!!!

Sister Sarah

November 21st, 2011
10:34 pm

@Dusty please let’s be clear. In my world, the sky is NOT falling at all. Regardless of what conclusion you may ATTEMPT to draw of my political leanings, rest assured that I am a highly astute, highly motivated, highly resilient, gainfully employed, financially diversified individual with a plan. I trust NO political party, which quite honestly from my perspective those on the “right” cannot see straight because of the hyperpartisan all-or-nothing idea of conservatism in this country today. You would just as soon automatically label someone a” liberal” simply because they do not parrot the same B-S these radio jocks who have no formal education beyond high school who HUSTLE you by brainwashing you with the all too recognizable cliche labels and tag lines. That to me is pathetic!!

I come on these blogs really to make a case of how absurd we have become as a society with all this B-S, when we are being nothing but PIMPED. Difference with me though, you best believe I’m on my square and this only helps to gain knowledge from my experiences out here with people hiding behind “anonymous” blogs to keep propelling myself forward. Believe that!

Dusty

November 21st, 2011
10:35 pm

Now the jokes begin. Sister Sarah in her egotism declares herself a good B-S sifter. Knows all about B-S.

Could be. As ’tis said, it takes one to know one and she is an expert at B-S.

Fortunately, I do not have to sit around and read her “expertise” on Bush and her forgetfulness on the mishaps of Obama. I think it is called a one track mind or something. Let’s hope it is not contagious.

So au revoir, good bloggers wherever you are. Been fun..

Hillbilly D

November 21st, 2011
10:37 pm

The difference between an optimist, a pessimist, and a realist.

The optimist sees only the light at the end of the tunnel.
The pessimist sees only the tunnel.
The realist sees the tunnel, the light, and the next tunnel.

Don’t remember who originally said that.

Jay

November 21st, 2011
10:38 pm

If you vote for your incumbent, you are part of the problem, remember “I” is for “IDIOT”, then vote for the other person, Democrats/Republicans all of them must go!

Sister Sarah

November 21st, 2011
10:45 pm

@Dusty. As I see your tail wagging as you run off, what do you desire to discuss about Obama’s tenure?? I have a few, stay awhile. Here is what I will ask if you are so bold, deal on substance without any of the hyperbole as so many have been programmed, be prepared to support your arguments. Let’s go!! Or are you a lightweight on the issues?

Acer706

November 21st, 2011
10:48 pm

Sister:

History, yes.

Now you vote accordingly.

ragnar danneskjold

November 21st, 2011
10:49 pm

The 2012 election is shaping us as a battle between the taxpayers and the leeches. I will vote with the taxpayers.

Acer706

November 21st, 2011
10:55 pm

It’s obvious the Jobs Bill and Deficit Finger Point is what Obama’s campaign will be based on. Of not, what else? It’s not going anywhere till 2013.