Wednesday, November 10, 2010

The Joke of US Fiscal Policy

From the Economist:

YOU can’t watch the circus that America calls its budget process without suspecting it plays some role in the country's fiscal mess. Congress for the first time has failed to send a budget resolution to the floor, its continuing resolution is about to expire, as are a bunch of tax cuts, and there’s a battle looming over raising the debt ceiling. This does not look like rational fiscal policy.

Think about this for a minute. The US is the largest economy in the world. And we have not sent a budget to the floor. That's beyond reckless; that's suicidal. And yet, here we are, waiting for god knows what shoe to drop as the process grinds forward.

Last week, I made this comment about US political parties:

the Democrats can't lead at all -- they want everybody to get along -- and don't want to hear basic economic information when it runs counter to their narrative, the Republicans have walked away from logic and fact and the Tea Party could care less about mere competence.

Let me rephrase that. Everyone in Washington -- without exception -- is completely worthless. Please, for the love of God, could you please grow-up and act like adults?