Budget Deja Vu

As the kabuki theater that is the ongoing debt ceiling battle continues, I get a sense of (as Yogi Berra put it) déjà vu all over again.   Having lived in the greater Washington D.C. area for 43 years, I have witnessed the oft repeated scenario of budget negotiations -- beginning with Lyndon Johnson all the way through Barack Obama.  Invariably the Republicans have assumed the role of the always outfoxed Wiley Coyote or of Linus invariably believing that Lucy will really hold the football this time.  It is obvious to all who assumes the role of the Roadrunner and Lucy.  I fear today's drama in Washington D.C. will be no different. Even Ronald Reagan feel prey to this scenario when, in 1983, he agreed to raise taxes in exchange for spending reductions.  The agreement was for every dollar of tax increases the Democrats would cut two dollars in spending.  The result: taxes went up but spending was never cut. Today, in addition to using the well-worn...(Read Full Post)