Can you believe Obama's "opening bid?" Somebody needs to tell him the executive is 1/3rd of the government and the other two have made it clear that the House controls the purse strings. Denniger did the math for us:
- $100 billion in immediate tax increases by expiring "the rich's" tax cuts.
- $60 billion more in tax increases by removing deductions from "the rich."
- $50 billion in additional spending (over 2012 levels) on infrastructure for 2013.
- $240 billion in continued deficit spending by continuing the payroll tax cut.
- $30+ billion in continued deficit spending by continuing EUC 2008 (extended unemployment.)
- $40 billion in promised, unspecified but suspended for one year changes in Medicare and Medicaid.
- A permanent revocation of Congressional oversight of Treasury debt.
Dude pushed to hard. The push back might surprise him. Given the number of new faces come January he needs to do the deal now and instead plays this stupid bluff.
10 comments:
I'm really starting to think that the "fiscal cliff" is the best possible outcome.
1) More revenue along with reduced spending, and
2) Folks will remember the outcome, good or bad, come 2014...and hopefully make better decisions that they did in 2012...
WASHINGTON (MarketWatch) -- White House spokesman Josh Earnest told reporters on Air Force One that he was surprised by the Republican reaction to the fiscal-cliff plan that Treasury Secretary Tim Geithner laid out Thursday. "I was surprised they (GOP) were surprised," he said, according to a pool report. "There is no reason for anybody to be surprised." He said the White House won't release a text of the plan but will talk about it. President Obama is speaking near Philadelphia on the fiscal cliff on Friday.
Bla, bla, bla. Useless wankers.
Based on the evidence Obama isn't too bright. Or it may simply be megalomania, which seems to be a job requirement.
Denniger did the math for us
Making KD look smart...Ouch!
Tom, I was wondering what an equivalent earnest purchase offer would look like in these terms. Then I remembered the scene in "Braveheart."
"Ay ye gonna listen tae their offer?"
"Nay, I'm goin tae pick a fight!"
sm_l,
Obama apparently learned nothing in his short years in the Senate. The other side was there 20 years before him and will be there 20 years from now. The Republicans were expecting the deal he campaigned on, $800b. Indeed I doubt he would have won campaigning on $1.6 trillion and no deficit reduction. Now he's trying to take his case to the people. That just means all the more he's going to have to grovel when approaching the Republicans.
I can't imagine the open letters that are going to accompany the MIL layoff notices.
In the mean time the EUC2008 was a surprise. The Reps are going to make him pay publicly for that piece of cake.
Karl Denninger is like those rumble strips on the highway. When you hear them hitting your tires you know you've drifted out of the lane.
Rob Dawg said... Karl Denninger is like those rumble strips on the highway. When you hear them hitting your tires you know you've drifted out of the lane.
Of course, what I meant was that the Administration and Congress were making him look smart, which is a sad commentary on the Administration and Congress...
http://articles.latimes.com/2012/nov/28/business/la-fi-unemployment-assistance-20121128
Wow, papered over massive unemployment about to be burned by the fiscal pothole.
Once you accept the fact that the only way to fix things is to let them blow up, then it's easy to sit back and give'em everything they want (to accelerate the process, of course).
Let's go full-Kruggles and agree to permanently abolish the debt ceiling; that'll remove any last pretense of fiscal responsibility and bring the bond vigilantes out of their coma.
Post a Comment