Debt Debate in Congress

[nathanm]

"We don't know how to fix this so we will just blame someone or something else."

They know precisely how to fix (well, soften the blow) it, but there's no political will for another stimulus, even though economists from AEI and their ilk are agreeing with the unholy trinity on the left that further stimulus is necessary.

[heironymouspasparagus]

Two things would help dramatically for the long run.  Eliminate NAFTA, and eliminate "most favored nation" trade status to China.

[Conan71]

They know precisely how to fix (well, soften the blow) it, but there's no political will for another stimulus, even though economists from AEI and their ilk are agreeing with the unholy trinity on the left that further stimulus is necessary.

If they had a clue how to fix it, they would be making some progress by now.  I think everyone but you realizes a stimulus is nothing but a temporary measure and has no lasting impact on the economy.  Especially now with so much uncertainty with the debt rating being down-graded and unemployment remaining static.  Yes, it's noted that the private sector is creating jobs and the bulk of new job losses appear to be coming from gubmint, yet most people don't look closely at that metric.

If you dumped a bunch more money out there in the form of tax rebates to individuals, I suspect a good amount will be hoarded.

[nathanm]

I think everyone but you realizes a stimulus is nothing but a temporary measure and has no lasting impact on the economy. 
...
If you dumped a bunch more money out there in the form of tax rebates to individuals, I suspect a good amount will be hoarded.

Yeah, it's temporary, but the point is to stimulate enough demand that the private sector picks up on its own. Or, in the present situation, hasten the day that people have their debt situation worked out and are therefore willing to spend on their own. The sooner we get the private balance sheet problem worked out, the sooner we can be back on the treadmill of growth and compounding our gains. Every year we sit in the toilet we permanently lose gains we could have made.

And yeah, people who have enough income to pay for what they need will just save (or pay off debt with) whatever we give back to them. That's why we need fiscal stimulus rather than more easing of tax policy.

[nathanm]

And now that most of the Super Committee has been announced, all I can say is wow. When I saw Reid's picks earlier, I was uninspired, to say the least, but I was at least able to console myself with the fact that Baucus is pretty far right on budget issues, as far as Democrats go, anyway.

McConnell and Boehner also released their choices today. Every single one of them is an anti-tax nutter. The only thing that can be said for the Republican picks is that at least they're not all Tea Partiers. Somehow I see some automatic cuts in our future, whether because the committee can't make a recommendation at all when over half of it is made up of partisan ideologues or because they manage to report a bill that it won't pass the full Senate or is so stuck on stupid Obama goes for the veto.

http://www.washingtonpost.com/blogs/post-partisan/post/harry-reids-path-of-least-resistance/2011/08/10/gIQAjaha6I_blog.html

http://www.washingtonpost.com/blogs/post-partisan/post/the-gop-chooses-its-debt-super-committee-negotiators--poorly/2011/08/10/gIQAcBl06I_blog.html

[Townsend]

Super committee best bust a move.

http://abcnews.go.com/blogs/business/2011/11/u-s-debt-will-top-15-trillion-mark-today/

U.S. Debt to Top $15 Trillion Mark Today

[Gaspar]

Super Committee. . .Every time I hear that I laugh.  It's like you can add "Super" to any word and people naturally think it's somehow better.

First of all, a committee is a group of people who's job is to evenly distribute the blame for incompetence.

A Super Committee must do that much better? Right?

[Conan71]

Super Committee. . .Every time I hear that I laugh.  It's like you can add "Super" to any word and people naturally think it's somehow better.

First of all, a committee is a group of people who's job is to evenly distribute the blame for incompetence.

A Super Committee must do that much better? Right?

Love the new avatar.  I could just hear VP Biden at the Adelson's house a couple of months ago when he came for a smash and grab:

"George, this is a really bucking big deal!"

[Teatownclown]

Super Committee. . .Every time I hear that I laugh.  It's like you can add "Super" to any word and people naturally think it's somehow better.

First of all, a committee is a group of people who's job is to evenly distribute the blame for incompetence.

A Super Committee must do that much better? Right?

Projecting Rush Limbaugh? yes...

[Gaspar]

Love the new avatar.  I could just hear VP Biden at the Adelson's house a couple of months ago when he came for a smash and grab nooner:

"George, this is a really bucking big deal!"

FIFY

[Red Arrow]

Super Committee. . .Every time I hear that I laugh.  It's like you can add "Super" to any word and people naturally think it's somehow better.

A Super Cluster?

[nathanm]

Oh, hey, lookie here, the GOP can't seem to find one person to talk to NPR about how a surtax would keep them from creating jobs:

http://www.npr.org/blogs/itsallpolitics/2011/12/09/143398685/gop-objects-to-millionaires-surtax-millionaires-we-found-not-so-much

[Townsend]

Oh, hey, lookie here, the GOP can't seem to find one person to talk to NPR about how a surtax would keep them from creating jobs:

That's a real sassy hat ol' Thune's got on there.

[Conan71]

How about a ma'am tax instead of a surtax?  You never hear of the ma'ams getting a special tax, just the surs and the syns.
 

[Teatownclown]

How about a ma'am tax instead of a surtax?  You never hear of the ma'ams getting a special tax, just the surs and the syns.