So now it’s official: the Super Committee wasn’t so super after all. Abject failure. No agreement on how to cut the budget by $1.2 trillion, which wasn’t even really a budget cut, but merely a slowing of the growth of the national debt. Democrats on the committee wanted to use it as a way to increase taxes by $1 trillion; Republicans rightly balked at that. Republicans offered cuts along with the closing of some loopholes to increase revenues; Democrats wouldn’t go along. This was destined to fail from the start.
I don’t want to be too hard on the committee; after all, it’s just a microcosm of the entire Congress.
For some odd reason, though, the public still continues to hold Republicans more responsible for the failure than the Democrats, despite the fact that the Republican-dominated House has passed bills with some teeth, only to see them die in the Democrat-dominated Senate—the same Senate that has refused to pass a budget for nearly one thousand days. This is frustrating. It reveals the lack of economic knowledge among the populace. They don’t like deficits, apparently, but don’t understand how to get rid of them. Taxing the rich more doesn’t even dent the problem. In fact, it only hurts economic growth, which is the only way out of the doldrums.
Leon Panetta, Obama’s own Secretary of Defense, has gone to Congress to bemoan the automatic cuts that are now going into effect. Panetta believes they will seriously harm our nation’s defenses. That’s Obama’s Secretary of Defense talking, not some Republican. Yet Obama will never take responsibility for the damage he has done.
His greatest [?] accomplishment has been to add roughly $5 trillion to the national debt in less than three years. I have to admit no other president has been able to match that feat.
His campaign strategy will be to blame Republicans. We’ll have to see just how gullible the electorate is in November 2012. My fear is that stupidity will reign once again, and we will have to suffer through a second term.