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Charles Krauthammer knows who was the super failure.
… Has the president ever publicly proposed a single significant structural change in any entitlement? After Simpson-Bowles reported? No. In his February budget? No. In his April 13 budget “framework”? No. During the debt-ceiling crisis? No. During or after the supercommittee deliberations? No.
Indeed, Obama was AWOL from the supercommittee — then immediately pounced on its failure by going on TV to repeat his incessantly repeated campaign theme of the do-nothing (Republican) Congress.
A swell slogan that fits nicely with the Norquist myth. Except for another inconvenient fact: It is the Republicans who passed — through the House, the only branch of government they control — a real budget that cut $5.8 trillion of spending over the next 10 years. Obama’s February budget, which would have increased spending, was laughed out of the Senate, voted down 97 to 0. As for the Democratic Senate, it has submitted no budget at all for 2?1 / 2 years.
Who, then, is do-nothing? Republicans should happily take on this absurd, and central, Democratic campaign plank. Bring Simpson-Bowles to the House floor and pass the most radical of its three deficit-reduction alternatives.
Dare the Senate Democrats to vote down the grandest of all bargains. Dare Obama to veto his own debt commission. Dare the Democrats to actually do something about debt.
Investors editors say the CBO admits the stimulus was a bust.
After nearly all the stimulus money has been spent, the Congressional Budget Office now admits it cost more than advertised, did less to boost growth and will hurt the economy in the long run.
In its latest quarterly report on the economic effects of the Obama stimulus, the CBO sharply lowered its “worst case” scenario while trimming many of its upper-bound estimates for stimulus-fueled growth and employment.
The new report finds, for example, that the stimulus may have added as little as 0.7% to GDP growth in 2010 — when spending was at its peak — and created as few as 700,000 new jobs.
Both are down significantly from the CBO’s previous worst-case scenario. …
When asked to pick which economy will blow up first, Peter Schiff thinks the super failure points to us.
With fiscal time bombs ticking in both Europe and the United States, the pertinent question for now seems to be which will explode first. For much of the past few months it looked as if Europe was set to blow. But Angela Merkel’s refusal to support a Federal Reserve style bailout of European sovereigns and her recent statement the she had no Hank Paulson style fiscal bazooka in her handbag, has lowered the heat. In contrast, the utter failure of the Congressional Super Committee in the United States to come up with any shred of success in addressing America’s fiscal problems has sparked a renewed realization that America’s fuse is dangerously short.
Chancellor Merkel has been emphatic that European politicians not be given a monetary crutch similar to the one relied on by their American counterparts. Her laudable goal, much derided on the editorial pages of the New York Times, is to defuse Europe’s debt bomb with substantive budget reforms, and as a result to make the euro “the strongest currency in the world.” Much has been made of the poorly received auction today of German Government bonds, with some saying the lack of demand (which pushed yields on 10-year German Bonds past 2% –hardly indicative of panic selling) is evidence of investor unease with Merkel’s economic policies. I would argue the opposite: that many investors still think that Merkel is bluffing and that eventually Germany will print and stimulate like everyone else. It is likely for this reason that yields on German debt have increased modestly.
In contrast, the U.S. is crystal clear in its intention to ignore its debt problems. With the failure of the Super Committee this week it actually became official. American politicians will not, under any circumstances willingly confront our underlying debt crisis. …
David Harsanyi on the super committee.
H.L. Mencken famously wrote that every decent man is ashamed of his government. This one gives you little choice.
Gridlock is ordinarily the most constructive and moral form of government, but with entitlement programs on autopilot self-destruct, we’re in trouble. So Americans turned their weary eyes toward a dream team, a supercommittee, a 12-member panel of our brightest lights, charged with identifying a measly $1.2 trillion in deficit savings over 10 years. Save us. …
A couple of Corner posts on Gingrich smarts. Here’s Mark Steyn.
In all the Newt immigration stuff, this seems to have gone overlooked:
“Newt is for a local, community review board where local citizens can decide whether or not their neighbors that have come here illegally should find a path to legality, not citizenship,” [Gingrich spokesperson R C Hammond] said. “Two distinctly different things.”
He said it would operate like a World War II draft board. But I asked him whether it would be a problem for local communities to determine legality given that this issue would concern federal law.
“None of this matters until you secure the border,” he said.
I asked him again, though, about how local communities could determine federal law.
“That’s why it’s called reform,” he said.
So the North Podunk Town Meeting could vote to deny you your Green Card but ten miles down the road the burghers of South Podunk could vote to give one to your cousin? That sure sounds like a plan.
It’s a tribute to Mitt Romney’s soporific caution and Herman Cain’s blithe indifference to the bit on the map marked Rest of the World that Newt is now what passes for the GOP’s deep thinker.
Conrad Black will turn your Nixon thoughts on their heads.
… Richard Nixon was the first president since Gen. Zachary Taylor in 1848 to be elected to office without his party being in control of either house of the Congress. Despite the fact that the Democrats had plunged the country into Vietnam without any proper authorization, mismanaged the war, and lost control of domestic opinion, they, with the eager complicity of the national media, abandoned their former leaders and became anti-war agitators, and the entire Democratic establishment except Scoop Jackson set out to inflict defeat on the U.S. while Nixon and Kissinger worked with great skill and often courage to extract America from the war while salvaging a non-Communist government in South Vietnam, in obvious conformity with the wishes of most of the people of South Vietnam.
The Democrats failed to prevent Nixon and Kissinger from negotiating out of the Democrats’ war after South Vietnam successfully repulsed the Communists on the ground on their own in April and May 1972. They did this with no American ground support, though with heavy American air support, and after Nixon and Kissinger, with surpassing diplomatic agility, had recruited China and Russia to help pressure North Vietnam into a settlement. After having thus failed to prosecute the war they started, or to force an outright surrender from the succeeding Republican administration, the Democrats and their partisans in the national media approved the administration’s Vietnam peace treaty in the Senate (which was a formality Nixon did not have to seek), in which treaty it was implicit that anticipated North Vietnamese violations would be replied to with U.S. air power as they had been in 1972.
When the North Vietnamese assault came, the Democrats prevented the Nixon and Ford administrations from providing the South Vietnamese any assistance, dooming the mission for which 57,000 Americans had died. This outright betrayal of the South Vietnamese anti-Communists, which condemned millions to gruesome fates in the Cambodian killing fields and among the Boat People on the high seas, and to the insatiable execution squads of the Viet Cong, was covered by, in Napoleon’s phrase, the “lies agreed upon” that Nixon and Kissinger had known all along that a non-Communist Vietnam had no chance of survival and had deliberately sacrificed tens of thousands of American servicemen in order to masquerade as patriots and true-grit Cold Warriors. This was not just a shameful traduction; it was an egregious act of partisan transvestism.
In his one full presidential term, in addition to extracting America undefeated from Vietnam and opening relations with China, Richard Nixon negotiated and signed the greatest arms-control agreement in the history of the world with the Soviet Union, started the peace process in the Middle East, abolished the draft that had so vexed the hordes of supposedly conscientious anti-war demonstrators, ended school segregation while avoiding the court-ordered lunacy of compulsory busing of children all around metropolitan areas in pursuit of “racial balance,” and founded the Environmental Protection Agency.
For all of these reasons, Nixon was reelected in 1972 by the greatest majority of the states (49) since James Monroe ran unopposed in 1820, and by the greatest plurality in history (18 million). …
Andrew Malcolm with late-night humor.
Fallon: PETA released a new Thanksgiving ad aimed at children. It compares eating turkeys to eating their pet dogs. Or as kids in China put it, ‘So?’”
Conan: Occupy Wall Street protesters planned to Occupy the Subway. Because if there’s one place to confront the nation’s wealthy 1%, it’s on the New York City subway.