"Obama, Boehner remain at odds on verge of fiscal cliff"
Why do I have the distinct feeling the GOP is going to "take the hit on this one" - if nothing else - in the "court of public opinion." This would say MUCH more about the general lack of education among the public on economics than the GOP approach - of which I just heard - one Paul Ryan is now in support of for at least the Part B. Obama is facing all sorts of opposition in his own party for ANY cuts of ANY sort to Medicare, Social Security, etc., which simply means, many on the Dems side are STILL totally in denial, or ignorance. As I have posted before - or so I think anyway - there is NO way to have a long-term deficit reduction plan that is perceived as "respectable" without entitlements cuts; this simply will NOT happen. Some seem to be under the impression that ANY Cliff averting deal is better than nothing at all, a position, that I frankly disagree with. Any agreement that does NOT provide a clear and substantial framework for REAL deficit reduction is NOT going to make S&P happy or the markets REALLY satisfied. We are most likely looking at a "Punt" Here - which I pretty much guessed was going to be our immediate fate about a day after Obama won re-election. The Debt to GDP ratio problem, is EVERYTHING here. Until Congress and the Commander in Chief actually put forth a concrete, tangible proof via new legislation that they are capable of correcting the ship - economic recovery will be hindered, and our National Credit Rating etc will be in further jeopardy.
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