Friday, November 9, 2007
Legislative "Stagflation" is Embarrassment to Democratic Congress
Pay-as-you-go legislation was the rallying cry of the new Democratic congress but the legislation, designed to shrink budget deficits, hamstrings the congress. Fiscal discipline ala pay-go has prevented the passage of renewal energy bills and jeopardized Democratic Party legislative priorities. Lawmakers of both parties face a Sophie’s choice: spending cuts or tax increases. A third choice seems to be winning: doing nothing. Legislative “stagflation” has prompted angry outbursts in Congress. An encapsulated story in the Wall Street Journal tells it all with some deft flourishes. Stalled legislation includes SCHIP, AMT, and higher payments to Medicare doctors. The story's called : Fiscal Responsibility Proves Costly. You can check it out online for free (I think).