Remember when we had the bogus agreement to preserve the Bush tax cuts? After months of haggling the compromise ended up being a budgetary rounding error. Now the so-called supercommittee has thrown up its hands and has given up trying to find $125 lousy billion in cuts a year for 10 years. Mind you although this was continually referred to as a $1.25 trillion cut, it actually is only 3 percent of the federal budget each year. Actually I thought that the supercommittee was anti-constitutional in the first place because the supercommittee replaced the House of Representatives which has the budgetary responsibility under the constitution. Some pundits have stated that the president who always sits on the sidelines would have gotten a deal if he wanted one. However, they argue he did not want a deal because he plans to run on a do nothing congress. The only problem is why the congressional democrats would be dumb enough to go along since they are part of the do nothingness (see Steny Hoyer's comments in a previous post). So the bottom line is that if the supercommittee succeeded it would have not made a difference. The fact that it failed reiterates the need to replace the incumbent administration and the overwhelming majority of the incumbent congress regardless of party.
Harold A. Black is professor emeritus in the Department of Finance, University of Tennessee, Knoxville having retired after 24 years of service. He has served on the faculties of American University, Howard University, the University of North Carolina - Chapel Hill and the University of Florida. His government service includes the Office of the Comptroller of the Currency and as a Board Member of the National Credit Union Administration. He also has served on the boards of directors Home Savings of America and its parent company, H. F. Ahmanson & Co., Irwindale, California prior to its merger with Washington Mutual Savings Bank, on the board of New Century Financial Corporation, Irvine, California, then the nation’s largest real estate investment trust and as director and later chairman of the Nashville Branch of the Federal Reserve Bank of Atlanta. He writes an occasional article for the Knoxville News-Sentinel at http://www.knoxnews.com/staff/dr-harold-black/. His web page is haroldablackphd.com