Those arriving in Washington DC in January, do they know they drew the short straw?
They would be in office when the wheels finally come off the federal budget, when Medicare and Social Security would go cash-flow negative and when the long-predicted hockey-stick upturn in the debt would actually begin. Face the historic choice of being the hero congress or the Nero congress.
The problem they so vividly demonstrated is unprecedented partisanship. Congressional Quarterly compiles an annual party unity score based on how often a majority votes against the majority in the other party.
Princeton and the U of Georgia shows that the 112th congress is the most polarized going back 130 years. No federal budget is approved: the treasury comes within moments of defaulting on US bonds, the super committee can’t figure out a plan. The economy burns while they fiddle.
Medicare is the largest element of our largest problem, the exploding federal debt. Can we talk about that??
The Wyden-Ryan plan would let seniors stay with Medicare or buy medical insurance in the open market with federally funded vouchers.
The tax code is an abomination that discourages investment and economic activity. Fewer deductions, exclusions credits, and loopholes, combined with lower rates. The Simpson-Bowles commission endorsed that formula; as did the Domenici-Rivlin task force.
So isn’t it time these so-called elected representatives of the people start doing their job before its too late.
Source—fortune, geoff colvin