Wednesday, August 03, 2011

Debt “Deal”

Wow what a mess. No wonder people thing government is unable to solve problems because it seems that it can’t. It kicked the can down the road. Cuts in discretionary spending. No cuts in the programs that really need to be looked at. The programs that will cause the deficit to continue to increase. No realistic look at increase in revenues even through closing tax loops holes.

No focus on jobs as the economy continues to sputter to a near if not complete halt:
Analysts blamed the U.S. markets’ declines on rising worries over the health of the economy, which has come into renewed focus now that Washington has resolved its months-old fight over the country’s borrowing limit.

“I think the market has been surprised by the economic data, and I think they are becoming more concerned about the economic outlook,” said Paul Dales, U.S. economist at the Toronto forecasting firm Capital Economics.

As one commentator said, Congress was able to solve a crisis completely of its own making the debt ceiling crisis. But they are completely clueless in solving the crisis that matters to the average citizens the lack of jobs.

And the way things are going, Congress won’t be looking at that anytime soon.

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