Supercommittee Isn’t Making Super Cuts In The Deficit

October 31, 2011 06:58

Sometimes it’s worse to pretend to be doing something about a serious problem than it is to do nothing at all. That’s where we are in our talks about our out-of-control spending. – IBD Editorials

From IBD Editorials


Unfortunately, the goal behind the talks — a mere $1.2 trillion in deficit cuts over 10 years — is nothing compared to the tidal wave of red ink that’s about to hit.

The Democrats’ latest proposal — $1 trillion in new taxes in exchange for $3 trillion in total deficit reduction — shows just how unserious they are.

Not only would the economy be saddled with new taxes in the middle of the worst slump since the Depression. The massive level of spending that has taken place under President Obama and his Democratic allies in Congress wouldn’t begin to be addressed.

A recent analysis by the General Accountability Office underscores this. Its “alternative” analysis of future trends — those most likely to happen — shows deficits totaling more than $8.5 trillion by 2021. Wall Street analysts are less optimistic, expecting $10 trillion or larger.

In short, the $1.2 trillion is, fiscally speaking, nothing.

The Donkey Party has refused to pass a budget for 2 1/2 years, a violation of U.S. law. They’ve rejected every serious spending cut so far. Even so, we’re supposed to believe they’re serious about cutting the deficit?


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