Their assignment? To come up with 1.2 trillion in spending reductions over a ten year period of time. Understand that on any occasion, the "folks" talking about "trillion dollar" spending cuts or tax increases, are always talking about the same over the course of ten years. Remember: "spending," "10 years," tax increase," "10 years."
With this reference point in mind, the "assignment" given to this "super committee" is bogus on its face. We are averaging 1.3 trillion dollars in DEFICIT spending, each and every stinking year . . . . . and these clowns (democrats and Republicans, alike) are talking about the equivalent of cutting one year of deficit out of ten. Are we still racing over the edge into debt doom ?? Of course. Instead of traveling at 100 miles an hour, however, we have slowed down to 90 miles an hour, and . . . . . . . . we are just as dead.
More than this, there is a thing called "baseline spending." If no budget is passed, and the Democrats have suspended "budgets" for three consecutive years (a first in American history), all government agencies receive between 5 and 8 percent more in funding than the previous year. This reality means that federal outlays will increase between 50 and 80 percent over the course of the coming decade, 1.2 trillion in cuts not withstanding.
You should know that base line spending adds more to budgeted spending, on average, than a great GDP ten year forecast. I am saying that just with "base line increases." we spend more than we produce.
There are "penalties" to be paid, if the super committee does not reach its goal, but, even if it does, the result should be filed under "smoke and mirrors." In practical terms, our march toward financial destruction, as a nation, on the scale of Greece, will not be effected to any intelligible degree by this, the 112th congress. . . . . and it is not all on Obama. He just made it happen quicker than, even, his minions thought possible.
Point of post: just to take the long way around to saying, "We are all so screwed."
Post script: "They" say the TEA Party is dead. If that is true, we had all better store up on guns and ammunition, and make plans to protect our families from the destructive, evil goons who will come, demanding to take what is not theirs. Sadly, I just bought my first shotgun.
Salute to the 2nd Amendment.
Pray for the commission
Stop believing what they tell you.
Use your vote and make them toe the line.
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