I am quite sure that Mike Shedlock opposes my position on economic policy, but he does write very interesting stuff at times. He looks at life from the position of reducing Taxation and Spending, while I desire an increase in Taxation, and specific Spending. It stands as humorous that We feel so identically the same on the contempt We have for the way things are. The Compromise Tax Deal gains no one anything, and the very bribe produced to mollify lower Income Taxpayers was not, and will not, be desired by the Public. The American Public wants a real discussion someplace about what to do with the Deficit, and they are not getting one; I would suggest this will eventually affect all members’ decisions to remain in their jobs!
Hennessey suggests that Democrats could have won on Taxes by basically giving the Republicans what they wanted in the first place. The problem here being that keeping things the same, even making it worse with expanded Tax Cuts, cannot be the Answer if it has not worked successfully for a great number of Quarters. The real sadness comes in the fact that Retail is not doing too badly, Some would even say that they are successful in Recovery efforts. The real kicker have been that the artificial Profits of the Boom years have disappeared, and are not likely to show up soon. The most polite method of explaining the situation is that Wall Street does not want Bernie Madoff back, just his way of doing business.
Here are the greatest opposition to real economic policy. Business still believes that the Government can be robbed of tax revenues, and that it will all work out well. It is actually not working out at all. The double down quality of raising the national debt will absolutely demand restructure within 3 years, and Business estimate that it will work out well for themselves. It will not! There will be Non-Escape Taxes levied when the Crisis finally is driven home, and now is the time to avert that Crisis. You tell them, and you tell them, but they still do not want to believe. lgl