Tuesday, April 27, 2010


I think I've mentioned before the good work that the Peter Peterson Foundation does when it comes to tackling big picture issues. They recently commissioned a survey of past elected officials and economic advisers to both parties to gauge what experienced politicians think about our current situation when they are no longer running for office. It's amazing how partisan differences suddenly fade when there is no longer another election cycle facing you.

"Two-thirds of Republicans (68%) and more than eight in ten (88%) Democrats believe that solving the country's long terms structural deficits will include both spending cuts and tax increases." What's that??? A majority of former politicians say that we should CUT SPENDING AND INCREASE TAXES???

"Democrats and Republicans share an open-minded approach.- Practically all Democrats believe entitlement reform (100%), overall spending cuts (100%) and significant decreases in discretionary spending (94%) should be seriously considered.- 72% of Republicans believe tax increases should be seriously considered in addition to 56% who believe significant decreases in defense spending should be seriously considered."

Democrats for entitlement reform and spending cuts? Republicans for tax increases and defense spending cuts? What is this bizarro world? No, it's just the truth that can be told when you no longer have to pander to your political base in an effort to be reelected. I bet an anonymous poll of current members of Congress would likely deliver similar results.

Too bad none of these ideas will ever see the light of day...

The whole press release and PDF are worth reading.

Markets took it on the chin and there was no rush to buy at 2pm. Asian markets fell 2 percent last night and are down another 2 percent right now. We'll see if this gains any traction...

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