Crisis Delayed?

All the fear-mongering and hyperbole of the past few months boils down to this: a milquetoast bill currently being debated in the House to reduce (drum roll, please)...the projected future rate of growth in spending. By a modest amount.  Over a decade. And most of the supposed "reductions" are scheduled in the later years (of course). The Boehner bill has no spending cuts in the customary sense of the word. No elimination of a single program, department, or subsidy. No reigning in or evening dampening of runaway entitlements. And no plan, not even a ten-year one, to reduce the debt from its current level. Quite the opposite. Under the Boehner plan, rather than $24 or $25 trillion in debt in ten years, we'd have $23 or $24 trillion, leaving aside the $60+ trillion in unfunded liabilities. And that assumes the Speaker's numbers stick, which is highly unlikely since the 2012 and 2013 budgets are the only ones that this Congress can actually control. You're not buying it? Well, Mr....(Read Full Post)