[ExI] keynes vs hayek experiment coming: was RE: riots again

[spike]

>... On Behalf Of BillK
...

I think you are out of date and much too trusting of politicians.  :)

See:
http://www.bbc.co.uk/news/business-19076024

1 August 2012

>...US budget: Congress leaders reach short-term deal Harry Reid Democratic
Senate Majority Leader Harry Reid has called for a "spirit of compromise"
US Congressional leaders have agreed to keep funding the government until
next March, narrowly avoiding an end-of-year showdown over taxes and
spending. BillK
-----------------

BillK, this BBC article is a little misleading in its critical lack of
detail.  What this article refers to is a process called Continuing
Resolution (CR).  They didn't reach a deal on sequestration.  That question
is still very much in front of congress during the lame duck session after
the elections and before 2 January.  There is *plenty* of buzz about that,
from all branches of government.  The deal they made only keeps the
government in business until March, but we know they won't let the
government go unpaid.  What hasn't been answered is if the Bush tax cuts
will expire, and if they do, they need to inform those who withhold taxes,
for failure of employers to withhold sufficient taxes in many cases means
those funds cannot be collected, now or ever.  The numbers of people thus
effected are too big to fail, too big to jail.

The congressional leaders in both houses have called for a spirit of
compromise, but no compromise has been agreed upon, and negotiations are
apparently not even taking place.  Currently the default course is for the
tax cuts to expire.  Many if not most Americans think that will somehow be
averted, but if it isn't, then the cuts also automatically go into place as
well.  The CR is not a decision on sequestration.  It will be interesting
and weird to watch.

spike