Not surprisingly, a bi-partisan group failed to come up with a good compromise.
The Democrats want high tax rates to the rich while the Republicans want to cut in Medicaid and Social Security.
It is blasphemous that these two sides are taking such extreme sides and won't budge.
With all the politicians gone for Thanksgiving, I hope they are working hard to find a solution.
The debt must be cut or else half of the cut must come from national security.
Republicans drove a hard bargain in order to let Obama raise hb
This is an interesting article in that it talks about a counter-intuitive but important aspect of GDP. People always argue that sometimes rise in GDP is merely due to military spending, but its important to note that the opportunity cost of that is very high in terms of lost spending on concrete long term projects that raise living standards in a nation.
ReplyDeleteI'm sorry, my post got cut off for some reason. Republicans drove a hard bargain in order to let Obama raise the debt ceiling, but it seems they can't figure out a way to cut it back down either. I agree with Harsha that there will be serious consequences to massive cuts anywhere. This has to be done gradually and with a set plan.
ReplyDeleteThe Obama-Boehner negotiations concluded with almost a trillion dollars worth of cuts. Maybe a smaller group including the president and Boehner should get back at it because a larger one doesn't seem to be working. Also, having the President and the Speaker of the House sitting at the same table will add some extra pressure to get things done.
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