Does He Actually Get It?

Is this just an accidental use of the right word, or does Senator Michael Bennet really understand what is going on?  From an NYT piece by Maureen Dowd -  

He thinks the trouble is not so much a clash of Democratic and Republican orthodoxies as it is a clash of past and future.  “I think the inhabitants of the past are fighting hard to keep the rents they acquired in the 20th century,” he said.

The story is about why Michael Bennet   - a Democratic senator  - voted against the cliff deal.  He gets a smiley face, from KPC.  If more senator talked about rent-seeking, instead of doing it, we would be better off.

Is this the way 2013 is going to be?  Going to Maureen Dowd for good information, and Democratic senators for wisdom?  Golly.

Fiscal Cliff

The meeting between the President and the Speaker was taped!  And here is the video...



I'm afraid that the ending is a perfect description of the argument about the use of legislative rules to constrain politicians on spending, or the Fed on monetary policy.  The endless series of police come to arrest the previous one.  Brilliant.

Nod to WH

There IS no cliff

"Pentagon officials and military contractors said that billions of dollars in automatic spending reductions [from the fiscal cliff] would be delayed for weeks, if not months, as they figured out where they needed to cut and by how much. Defense Department hiring would be stopped temporarily,
officials said. But no one would be fired immediately, and no programs would end." [NYT]

That's not a cliff.  That's a gentle slope toward reducing military spending.  If this be cliff, bring me more of it!

Lagniappe:  What in the world is going to happen to the estate tax?  Are people gonna push Momma off the train?  "Sorry, Mom, but if you live another week it's going to cost 35%."  "No need to push, son, I'll JUMP for that kind of money!  Buh-BYE!"

Interesting Discussion of FIscal Cliff

Myself, I think the whole "Fiscal Cliff" thing is overblown.  After Simpson-Bowles specified a set of tax increases and spending cuts, as a STARTING POINT, rather larger than that that would be imposed if we go off the "cliff." (The intelligent and attractive DW has been saying this for a while, to be fair).  And I am for the most part a fan of Simpson-Bowles, if no one will take the KPC proposal of actually cutting military spending and entitlement spending F'REAL.

But, for those of you interested in the "Cliff" notes for their own sake, here is an interesting analysis by John Cochrane.*  It's not simple, but it is interesting.  There are parts I disagree with, but he raises some terrific points you won't hear in the MSM.

A nod to JR

*Misspelled earlier, corrected