August 23, 2011
Super Committee??? Please...
According to Wikipedia, The United States Congress Joint Select Committee on Deficit Reduction, also known as the Supercommittee or Super Congress, is a joint select committee of the United States Congress, created by the Budget Control Act of 2011 on August 2, 2011. The act was intended to prevent the rapid process of sovereign default that would have resulted from the 2011 United States debt-ceiling crisis, and has been interpreted as a reaction to frustration over prolonged partisan political disputes during an uncertain economic struggling to recover from the late-2000s recession.
Still with me? OK, good. The twelve members of this committee were selected by the leadership of the House & Senate, who are of course, lifelong politicians. It should come as no surprise, then, that eight of the twelve members have served in Congress for 16 years or more. You read that right; we are tasking the people who pushed this country into the "bad place" to get us back out of it. Talk about continuing to dig in an effort to get out of a hole!
Career politicians are the biggest threat to our economy and our country. They have remained in office all these years because of their ability to earmark pork for their states. The more federal dollars get funneled to their states, the happier the constituency and the more addicted the populace gets to 'money for nothing'. Now that these career politicians will be forced to make some tough decisions, how will they ever get re-elected when the pork stops flowing to their states?
Here's the dilemma: The people who fill the campaign coffers of these lifelong politicians (the wealthy and upper-class) do not represent enough votes to keep the politicians in office. The people who do represent enough votes to keep the politicians in office (the poor and the middle-class), don't have any money to put in the campaign coffers. How on earth can a politician keep both happy when sacrifices will be demanded from one or both sides of that coin?
This committee has until November 23rd of this year to present their recommendations. Here's my prediction: There will be no consensus and each political party will accuse the other of stonewalling the effort. This absolves each member of the committee of actually making a decision that could negatively influence their ability to get re-elected. Instead, broad across-the-board cuts will be instituted by default, and the Democrats & Republicans will use the impasse as a springboard to why Americans should vote for their respective political parties in the 2012 elections.
I have put November 23rd on my calendar for a follow-up blog. I hope I am wrong on my prediction. Regrettably, partisan politics hasn't taken a backseat to the greater good of the country for several years. If I am correct in my prediction, there can be no better argument for the institution of term limits for both the House and Senate.
Just watch - you simply can't put the fox in charge of the well-being of the hen house; especially when the fox is always hungry.
Make it a great week,
Our efforts stay focused on note holders. If you are a note finder, a note
broker, or anyone other than the actual note holder, please do not contact