The charade of the super (or not so super) committee

The other factor that also has markets on edge is the results to date or lack thereof from the Super (or not so super) committee. But, before we get excited or disappointed on what this committee will deliver, let’s look at what is being discussed. They are trying to get to $1.2-1.5T in budget reductions over 10 years. Thus, $120-$150B per year, only 1% of GDP is being debated here, a joke of a number and also a blip in the context of $15T in national debt that is only growing and $60T of unfunded liabilities related mostly to medicare, medicaid and social security. Bottom line, any deal that does not address these three programs and sustainably reduces the upward trajectory in the spending on them is a giant charade.

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