Supercommittee Isn't Making Super Cuts In The Deficit

IBD Editorials ^ | October 28, 2011 | Editor

[Kaslin]

Budget: Given all the hoopla, you'd think the deficit Supercommittee was hacking away at the size of government without mercy. In fact, even the $1.2 trillion in hoped-for cuts will do nothing to attack our long-term deficits.

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.

Just as the European Union did, we're going through two months of talks about what to do about long-term fiscal imbalances. Under the deal that kept the government from shutting down last summer, the so-called supercommittee was supposed to take politics out of the equation by making talks truly "bipartisan."

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.

[lahargis]

Surprise. Surprise. What a shock. *sigh*

[Road Warrior ‘04]

The whole thing was set up to gut the military! Carter II is trying to re-kill the military.

[DJ MacWoW]

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"The fact that we are here today to debate raising America's debt limit is a sign of leadership failure. It is a sign that the US Government cannot pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government's reckless fiscal policies. Increasing America's debt weakens us domestically and internationally. Leadership means that, the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better."

~ Senator Barack H. Obama, March 2006

[molson209]

The only things that will be cut are things that the Democrats what cut so they can blame it on the GOP

[Venturer]

The Super Committee was a face to begin with , anyone coulkd reconnize that when they saw Patty Murray and John Kerry on it.

A Commie and a Traitor.

[TheBattman]

This was planned all along ... by the Dems. Anyone with a brain KNEW this when it was released what automatic cuts would happen if the “committee” failed to make the mandates. Repubs were fools for signing on.

[familyop]

Night Of The Living Debt: US debt to surpass GDP on Halloween
http://www.freerepublic.com/focus/f-news/2799204/posts

[Erik Latranyi]

The US is not serious about deficit reduction —— we are now Europe.