Congress is enjoying their vacation, so deserved after nearly bringing the nation to a default on its debt. The finger pointing continues, at least among those profound thinkers who are not getting suntans on the beach. Eric Cantor reiterated his opposition to tax increases. Time Fiscal responsibility will just have to be restored on the backs of the poor and the middle class.
Apparently, the politicians are doing their own pathetic imitation of Wall Street's Masters of Disaster. Decisive and urgent action is necessary to avoid another potential recession, yet that is lost among the chosen few. By urgent action, I am referring to a real stimulus program financed by the immediate closure of abusive tax loopholes, such as the carried interest loophole for the benefit of hedge fund billionaires. The target revenue raise from the elimination of those loopholes needs to be at least 200 billion over the next five years, since all of that money needs to used right now to finance infrastructure projects to be built over a similar time span. This needs to be done on a bipartisan basis, with a lot of smiling Democrats and Republicans at the signing ceremony. And, it needs to be done right now. The danger is that the nation is about to slip into another recession, and the government has no bullets left to cushion the blow. It is simply a fact that, except for corporate profits, the nation has not recovered from the last Near Depression and is in no shape for another one now.