Failure by design?
With no announcement Monday that the Congressionally empowered Joint Select Committee on Deficit Reduction, or Super Committee, of six Republicans and six Democrats had reached agreement on a deficit reduction plan those sitting on the edge of their chairs waiting for the predicted doom and gloom are now bracing for disaster. Economic disaster is a good bet but it won’t necessarily be because the Super Committee didn’t reach agreement on cutting $1.2 trillion from the federal budget. Late Monday Wall Street markets had acted as predicted, they closed down some 200 points. But many analysts said it wasn’t because of the Super Committee’s inaction, but instead in reaction to European market’s losses.
“America is facing a debt and jobs crisis,” Congressman Dave Camp, R-Midland, chairman of the House Ways and Means Committee, and member of the Super Committee, said Monday. “Congress must stop out-of-control spending, strengthen our economy and secure entitlement programs sooner, not later. It is deeply regrettable that my Democrat colleagues could not see their way to addressing these much needed reforms without at least $1 trillion in job-killing tax increases on families and employers. The failure of the Joint Select Committee on Deficit Reduction is a serious disappointment. However, I will redouble my efforts as chairman of the Ways and Means Committee to enact pro-growth tax reform that makes our tax code simpler, fairer and more competitive to generate the economic growth and jobs America needs.”
While doom and gloom might be hailed by pundits at least one columnist is saying the Super Committee’s failure to adopt deficit reduction is a victory, not a failure. Phil Kerpen, of Americans for Prosperity, wrote Monday on the Fox Business web site that the committee’s failure to offer a package of bills is a “huge success.” Kerpen quoted Dan Mitchell of the Cato Institute as saying the “spending will still increase every year under the sequester.” And, defense spending increases too, just slower.
Kerpen sees the sequester resulting from the Democratic intransigence as a gambit to reduce the runaway spending while putting the blame on Republicans. In the end spending goes on as usual, but just not as rampant.
Fox Business columnist John Stossel quoted Sen. Rand Paul in his column Monday. Paul said on CNN Sunday that there would be no cuts in military spending, only cuts in proposed spending increases. But spending will still increase 23% over 10 years and if they made the budget cut military spending would still increase but at 16% instead of 23%.
It reminds us of the adage, “If you can’t dazzle them with brilliance, baffle them with B... S...!”
The Super Committee and both political parties are baffling us and in the process contributing to economic uncertainty. Monday the Dow fell more than 200 points, following the lead of European Markets. The political posturing by both parties is not solving the problems that need immediate attention.
Americans for Limited Government President Bill Wilson was quoted Monday by FoxNews.com calling the Super Committee’s failure a farce. “Given the alternatives, which were phony spending cuts and higher taxes on producers and job creators, sequestration is by far the better deal,” Wilson said. There should be no discussion of revenue reform until there are actual spending cuts on the table. All we see now are reductions in the growth of spending. What a farce.”
Was the Super Committee’s failure by design?
We’d not be surprised if there was a major political office overhaul in the next election. The rascals should be thrown out!