Congress is back in session for 2 or 3 weeks, after which we will adjourn until after the election. If you think that we will accomplish great things during this period, guess again. With majorities in both houses of Congress at stake, there is much posturing and politicking that will naturally occur. This is not unusual and both parties do it.
 
But as our economy continues to suffer under crushing debt and deficits, alarming unemployment numbers, and the threat of the largest tax increase in American history, you would think that at least some gesture, however small, towards alleviating these problems would be attempted.
 
Think again….or, I guess, maybe…just remember who’s in charge.
 
We passed a bill last week which authorizes $5 billion in new spending to supply interest-free cash, through the creation of new programs, to be used to provide federal government-backed loans for the purchase of “energy efficiency” products. Before adjourning, we expect to vote on a Continuing Resolution (CR), which must be passed because the Democrats have failed to pass even one appropriations bill, let alone a budget, for the first time in the modern era.  While we haven’t seen the details yet, the CR will most likely ensure that today’s bloated levels of spending will continue into the next fiscal year.  That’s bad enough, but, unfortunately, it doesn’t stop there. It appears that, in addition to last year’s $1 trillion Stimulus package, the cost of ObamaCare, and all the other spending increases, President Obama appears poised to add another $20 billion or so in new spending. And, there’s talk of plans to introduce a so-called "jobs bill", which would amount to even more spending, while again providing little if any real job growth.
 
Oh yeah, and what about those tax increases that are coming? Don’t expect any action on them before the election. The Democrats in Congress are all over the map; some wanting an extension of all the tax cuts, some wanting an extension of none, and some who fall somewhere in between. In fact, there is a bipartisan majority of members now who are in favor of extending all of the cuts and preventing a tax increase on anyone. But, don’t expect Nancy Pelosi to let that come to the floor for a vote.
 
Frankly, I’m astonished. It’s unbelievable…it really is. It’s obvious what the people want. It’s obvious what is right for the economy. Extending tax cuts for everyone, while significantly reducing spending, is both clearly needed and even arguably a good political move for the majority party. But, it appears that is not going to happen.
 
This is lunacy. Things have got to change. They have to change fast and in big ways. We are driving this economy off a cliff. We still have room to brake before we get to the ledge. But, we are going to have to do it soon. 

Drive fast and live free, my friends.
 

This entry was posted on Tuesday, September 21st, 2010 at 12:00 am and is filed under Blog Posts.