Memorable quotes from the Fiscal Cliff fiasco

Sad But True

“This is not a good deal,” said Rep. Steve LaTourette of Ohio. “This is a sad state of affairs — that we’re going to take a bill that was passed on New Year’s Eve by some sleep-deprived octogenarians that (is) very, very heavy on taxes and does nothing to cut spending, which is really part of the big problem that we have in the country.”

Read the entire article from CNN.com by clicking here.

Ridiculous

“This agreement will also grow the economy and shrink our deficits in a balanced way – by investing in our middle class, and by asking the wealthy to pay a little more.” Barack Obama

Read the president’s entire statement by clicking here.

Official

“The deal, in fact, wouldn’t reduce the deficit but add to it, by failing to tame runaway entitlement spending. According to the Congressional Budget office, the package would add $3.6 trillion in red ink to the national balance sheet over 10 years, using current law (assuming everything expires as current law is now written) as the baseline.”

Click here for the entire Bloomberg article.

What to do?

I rather suspect it is in the House’s best interest to go ahead and approve the Senate deal. After all, the tax increase is only $620 billion (at least so far), and who cares if the net spending cuts only come to $15 billion (again, at least so far)? What you guys (Republicans) need is a new official mouth-piece, someone with humility and plain-talking skills (like the president), who can explain your plan for getting America back on track. The message should go something like this……

a) “Okay, we’ve raised taxes on the rich because it’s the right thing to do…..(just keep telling yourselves you believe it, because if you don’t they are going to hear it over and over and over from the president)

b) ….but now it’s time to be responsible and enact some real spending cuts so that we can balance the federal budget and reduce our $16 trillion debt…

c) ….and we have a very easy plan to do just that which we call our ‘1-Point Plan’

d) …. and here’s  how it works: Because most of us can only hope for a  raise each year of about 2.5%, we have decided to limit the government’s spending increases to 2.5% each year, and guess what, in 10 years, we will have a balanced budget.

Click here to read about Dan Mitchell’s 2.5% idea. Dan is a super smart and easy to understand economist who works at the Cato Institute.

Parting words to Republicans before I go back to my real job tomorrow: Keep it Simple, Stupid.

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