HS Dent - 07 Dec 2010 05:40 AM PST - Five weeks.  It only took five weeks for the amnesia in Washington, DC to come raging back.  Americans of all stripes told their congressmen to be more fiscally responsible.  Republicans only wanted benefits if they could be paid for, and Democrats only wanted a tax increase on those making more than $250k.  So what have we ended up with?  A proposal that goes one better!

Not only do we get unemployment benefit extensions that are NOT paid for, but also no tax increase for anyone.  The one-upmanship comes in the form of a cut in Social Security taxes on employees of 2% of payroll for the next year at the cost of a smooth $120 billion.  I’m not sure where this negotiation happened (in a bar, maybe? after many, many drinks), but I do not understand exactly what was negotiated.

In negotiation, there are compromises to arrive at a solution that is workable for all.  This particular deal is not a compromise.  It is a complete travesty in terms of fiscal responsibility.  The total cost over two years is expected to be $450 billion in added debt!  What Congressman ran on the platform of adding 1/2 trillion to our debt in the next 24 months, on top of the expected $1.2 trillion per year that we will run in deficits at the current pace?

Just a few short weeks after the election, we are not just back to where we were, we are further behind.  Call your Congressman, tell them what you think.