Wednesday, November 30, 2011

Sacred Cows and the Super-committee

If nothing else, the failure of the super-committee has taught us a valuable lesson about deficit reduction--how to slaughter sacred cows. What the super-committee did, in effect, was line up all the sacred cows together and slaughter them en mass. (Presuming, of course, that Congress won't find some way around it. People do fight for their sacred cows, after all, or they wouldn't be sacred cows.) Cutting any one of those items individually would have required a large and bruising battle on Capitol Hill. Cutting them together happened with a whimper.

1 Comments:

Blogger Yoel Natan said...

Amen. Why the Super Committee didn't work was if the Super Committee and Congress did nothing, $800 billion in Bush tax cuts would expire in 2012. The Republicans were never willing to offer a revenue neutral compromise. What they offered was keeping $300 billion of the tax cuts, i.e., the cuts that were mostly for the rich. The Democrats saw the failure of the committee as being a much better deal for average Americans.

1:16 AM  

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