If you are worried about the debt reduction plan signed by the President this week, don’t be. Although no one, including the President seems to like the deal. It really doesn’t do much. $900 Billion over a decade is a drop in the federal spending bucket. And, of course, before the 2012 election there will only be $20 Billion in cuts or less than 2% cut in spending. You won’t even feel it.
No, Congress did what it always does. It passed the buck. But this time a new committee and a new euphemism are involved. THE SUPER COMMITTEE. They won’t be wearing capes and costumes, but they will be expected to cut another $1.5 Trillion over the next decade.
Forget about Ways and Means, Armed Services or the coveted Intelligence Committee in the Senate. The “super committee” is what everyone is predicting to be the most powerful group of elected officials in the world.
There will be six Democrats and Six Republicans, both Senators and House Members and they will decide what stays and goes. Lobbyists from every industry will descend on them as soon as the Super Dozen are named.
Democrats claim that the group can’t touch entitlements like Medicare and Social Security. Republicans claim they can’t raise taxes. Both sides lied to get the votes to pass the bill and form the committee, who can both raise taxes and cut social security and Medicare.
Personally I think this is just a way to once again put off tough choices. Call me Super Skeptical.