Thursday, November 08, 2012

More Of The Same

Four more years equals not much getting done?
The sound and fury will be over big fights on taxes and spending. They will look like replays of the last four years and not end up accomplishing much. The big changes to our economy will be the metastatic expansion of regulation, let by ACA, Dodd-Frank, and EPA. There will be no change on our long run problems: entitlements, deficits or fundamental reform of our chaotic tax system. 4 more years, $4 trillion more debt. Why? I think this follows inevitably from the situation: normal (AFU). Nothing has changed. The President is a Democrat, now lame duck. The congress is Republican. The Senate is asleep. Congressional Republicans think the President is a socialist. The President thinks Congressional Republicans are neanderthals. The President cannot compromise on the centerpieces of his campaign. Result: we certainly are not going to see big legislation. Anything new will happen by executive order or by regulation.
Have we entered the age of Congressional irrelevancy,at least as far as legislation goes? I know; some will say they've been irrelevant for a long time...

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