If you believe that the failure of the supercommittee means the end of life as we know it, as the MSM wants us to believe, you need to read this column by George Will.
Sensible people who remember the last grand budget bargain will be dry-eyed about not having another now. Although only 21 of the 242 Republicans in the House and eight of 47 Republicans in the Senate were on Capitol Hill in 1990, everyone there should remember the results of that year’s budget agreement, wherein President George H.W. Bush jettisoned his “no new taxes” pledge: Taxes increased. So did spending. And the deficit. Economic growth decreased.
Bottom line: The whole thing is a scam.
Without the sequester, spending will increase $1.7 trillion; with the sequester, spending will increase $1.6 trillion.
The supercommittee’s difficulties are not shocking. This is shocking: Amid a darkening fiscal crisis, Energy Secretary Steven Chu, whose department has become a huge and incompetent venture capital fund, has not resigned as penance for complicity in the administration’s “green graft” and crony capitalism.
Equally incomprehensible: As the supercommittee seems about to leave government’s spending curve unbent, Transportation Secretary Ray LaHood, who should take a high-speed train into retirement, continues his multibillion-dollar mania for California’s San Francisco-to-Anaheim high-speed-rail project. In just three years, the projected price of it has tripled to $98.5 billion, and only ludicrous assumptions about passenger traffic present the project as profitable enough to attract private investors, who are supposed to pay most of the costs.
