Super Committee Announces Failure

So the Super Committee just announced its failure, and the blame game begins. I think that the foolish pledge Republicans made to Grover Norquist to not raise any taxes is the main reason that negotiations could not be made.

John Kerry stated: "The pledge to Grover Norquist keeps coming up.  Grover has been the 13th member of the (super committee) without being there. I can't tell you how often we hear about the pledge."

So the pledge to one man superseded the pledge that our congressmen made to America.  (see more in my article Get Grover Norquist Out Of Our Government!)

I am not surprised at this failure.  We have a dysfunctional government that can't seem to solve any of our problems at a crucial time in our country's history.  The members of the Super Committee just couldn't rise above being politicians, and act as concerned Americans for the real problems that this country is facing.  So the stock market responded by falling 248 points.  I'm surprised that it wasn't more, but we still have time to see that happen.

The Super Committee and this Congress and Senate have let America down, and we could be facing some tough times ahead because of their failure.

Republicans May Offer Tax Reform To Raise Revenue In Trade For Lowering Taxes On the Rich

The Republicans on the super committee have reportedly offered a plan to raise revenues that includes putting a cap on itemized  tax exemptions that most middle class tax payers benefit from such as the write off on home mortgages in return for lowering the tax rate on the everyone, including reducing taxes on the wealthy from 35% to 28%.  Democrats are rejecting the offer, and calling it a joke.

Seems to me that once again, Republicans are offering up plans that benefit the wealthiest the most.  Those who gain the most from the current exemptions such as mortgage interest and child tax credits are the lower income and middle income Americans.  If you take these exemptions away, they will feel the most impact.  Do those earning over $250,000 really need their taxes reduced?  Most people think not.  I would have to see the details of the offer, but initially, it looks like a bad deal.  

It looks as if this plan is dead anyhow, since the Democrats have strongly rejected it.  Will the super committee be able to come up with some kind of compromise soon?  Let's hope so.