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Seth H. EdwardsCongressional Super Committee is on the Brink of Failure
By: Stan Deatherage ( More Entries )
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Dateline - November 21, 2010: The Congressional Super Committee, and President Obama, fail to do their respective jobs. Stock Market drops over 2% after being down 3 of the last 4 trading days.
The Congressional Super Committee, consisting of six Democrats, six Republicans from both the United States house and Senate is on the brink of failure. This may come as a surprise to some you, but it does appear that the Democrats and the Republicans can not come to grips on how to devise a way forward to diminish the nation's federal deficit.
The premise of the Congressional Super Committee came to be, as a bargaining point, to get Democrats and Republicans to agree on extending the debt ceiling in early August, 2011. At that time the Republicans professed to have an electoral mandate to reduce congressional spending on wasteful programs, and the Democrats professed to have a moral duty to sustain Americans, who could not, and in most cases, would not find work. Understanding this truth, it is easy to understand why these congressional lawmakers and tax appropriators are at an ideological impasse.
The United States Capitol, one afternoon in early March, 2008. photo by Stan Deatherage
The arbitrary, self-imposed deadline of Wednesday, November 23, 2011, was set by congress as a condition for joint approval of that federal debt extension in early August, and if some reconciliation is not forged by this Super Committee, it could trigger another U.S. debt downgrade from Standard & Poor's, or an initial debt downgrade from Moody's or Fitch. Further debt downgrades could imperil the creeping growth of the United States economy as it struggles to discover the escape velocity necessary to avoid a second recession during the first four years of President Barack Obama's Administration. No American president, except Franklin Delano Roosevelt in 1936, has been re-elected with unemployment this high in an economy this bad.
At the heart of the Super Committee's work, which they were charged to accomplish, is an 1.2 trillion reduction in congressional spending, or increase revenues, to reduce the nation's deficit over the next 10 years. While the 1.2 trillion over 10 years sum is difficult to achieve at this time, there has been an even larger initiative by the less partisan members of both parties to "Go Big" by reducing the nation's deficit by 4 trillion dollars over that same 10 year period. At this point, with the President campaigning steadily since August, 2011, by advocating Class Warfare against Congressional Republicans and "Fat Cat Bankers," we should not expect substantial change in the political tenor of Democrat leadership. Supporting this Leadership still, that have ruled congress for 5 years and the White House for 3, are special interest in Big Labor, who now financially support those who occupy Wall Street, and, with them, provide super support for Mr. Obama's declared war on this society's producers in lieu of those who benefit as society's takers ... the perfect prescription for Class Warfare.
Regardless of your politics, and your feelings of there being such a need for Mr. Obama's declared War of the Classes, you have to understand that America was not built on the concept that those who work hard should take perpetual care of those who don't, or won't. America has been a Capitalist Society since before it was a declared and independent nation in 1776, and cannot function as a Socialist nation as aspired to by President Barack Obama and the Democrat leadership in congress.
My advice to the public, if you intend to choose up sides on this volatile issue, you best become very studied, on how and why we have gotten to this point, before you proffer an unwise opinion. These are serious times that we all live in, so please act, and, or, comment accordingly.
The Congressional Super Committee, consisting of six Democrats, six Republicans from both the United States house and Senate is on the brink of failure. This may come as a surprise to some you, but it does appear that the Democrats and the Republicans can not come to grips on how to devise a way forward to diminish the nation's federal deficit.
The premise of the Congressional Super Committee came to be, as a bargaining point, to get Democrats and Republicans to agree on extending the debt ceiling in early August, 2011. At that time the Republicans professed to have an electoral mandate to reduce congressional spending on wasteful programs, and the Democrats professed to have a moral duty to sustain Americans, who could not, and in most cases, would not find work. Understanding this truth, it is easy to understand why these congressional lawmakers and tax appropriators are at an ideological impasse.
The arbitrary, self-imposed deadline of Wednesday, November 23, 2011, was set by congress as a condition for joint approval of that federal debt extension in early August, and if some reconciliation is not forged by this Super Committee, it could trigger another U.S. debt downgrade from Standard & Poor's, or an initial debt downgrade from Moody's or Fitch. Further debt downgrades could imperil the creeping growth of the United States economy as it struggles to discover the escape velocity necessary to avoid a second recession during the first four years of President Barack Obama's Administration. No American president, except Franklin Delano Roosevelt in 1936, has been re-elected with unemployment this high in an economy this bad.
At the heart of the Super Committee's work, which they were charged to accomplish, is an 1.2 trillion reduction in congressional spending, or increase revenues, to reduce the nation's deficit over the next 10 years. While the 1.2 trillion over 10 years sum is difficult to achieve at this time, there has been an even larger initiative by the less partisan members of both parties to "Go Big" by reducing the nation's deficit by 4 trillion dollars over that same 10 year period. At this point, with the President campaigning steadily since August, 2011, by advocating Class Warfare against Congressional Republicans and "Fat Cat Bankers," we should not expect substantial change in the political tenor of Democrat leadership. Supporting this Leadership still, that have ruled congress for 5 years and the White House for 3, are special interest in Big Labor, who now financially support those who occupy Wall Street, and, with them, provide super support for Mr. Obama's declared war on this society's producers in lieu of those who benefit as society's takers ... the perfect prescription for Class Warfare.
Regardless of your politics, and your feelings of there being such a need for Mr. Obama's declared War of the Classes, you have to understand that America was not built on the concept that those who work hard should take perpetual care of those who don't, or won't. America has been a Capitalist Society since before it was a declared and independent nation in 1776, and cannot function as a Socialist nation as aspired to by President Barack Obama and the Democrat leadership in congress.
My advice to the public, if you intend to choose up sides on this volatile issue, you best become very studied, on how and why we have gotten to this point, before you proffer an unwise opinion. These are serious times that we all live in, so please act, and, or, comment accordingly.
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