Tuesday, December 07, 2010

Dance band on the Titanic

So President O and the Congressional Republicans have displayed their latest arrangement of the deck chairs on the USS Titanic.

There's something for everyone. No rise in income tax rates, lower payroll taxes, re-extended unemployment benefits, a compromise on the inheritance tax (35% on estates over $5 million) and a bunch of other directed tax breaks.

The two year "cost" is around $900 Billion

Number of spending cuts included in the plan? Around $0.00.

As my co-blogger has so forcefully stated recently: Deficits are future taxes.

Without spending cuts, all we are doing is shuffling the deck on the timing.

As for "stimulus", well the economy will turn around on its own at some point, perhaps soon, so these cuts may be lucky enough to be enacted at an opportunistic point in time whereby they will get the "credit".

And so it continues.

People, the search for grown-ups in government is not going well.

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