People should not get their hopes too high over some break-through solutions from the so-called Super Committee. It doesn’t appear that the Super Committee was even designed to solve the deficit problem – it is littered with partisan hacks more interested in sound bites than solutions. To summarize the Super Committee’s task, we need to decrease the deficit to the tune of about $1.2 trillion annually, not just over ten years. And the simple fact is that this cannot be done by taxes. Additionally, tax increases will further stall this economy. Although I am personally not against some tax increases IF there is a simplification of the tax code, I’m not holding my breath. But the problem is that spending is too high. We must have a deficit below the growth rate of the country or be prepared to see the situation in Europe popping up in the U.S. in short order.
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