Coin of the Realm

Creative accounting can land you in jail if you work in a business, but when it comes to Washington, it can be regarded as genius.    The debt ceiling game of chicken played out this week, and ground on into the weekend, as the House passed a bill and the Senate responded.  The President (who did nothing but fan partisan feelings) outrageously will claim credit for the compromise legislation that will result, will sign it, and the crisis will have passed. What the final law will say is anyone's guess. Surely, though it won't look like the White House plan because there wasn't any.  And it is likely to be more representative of the public's demand for decreased federal spending and no tax increases than it would have been had the 2010 revolt not taken root. Unfortunately for Obama and big spenders everywhere, it won't likely be Jack Belkin's plan either.  I say "unfortunately" because his plan opens up so many creative government accounting possibilities....(Read Full Article)

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