This will be a slower week than usual in Washington. The Senate is in session while the House of Representatives is out of session this week. Expect the Super Committee to meet and debate tax policy behind closed doors.
The Senate will vote on another Trickle-Down Obamanomics plan. Trickle-Down Obamanomics is the practice of creating government programs and increasing government employment with the idea that the massive new federal spending will trickle down to the poor. This theory is a failure.
The Senate will vote on a motion to proceed to H.R. 674, the 3% Withholding Repeal and Job Creation Act, today. This bill passed the House 405-16 on October 27, 2011. This non-controversial bill will become a vehicle for another piece of the Obama “jobs” agenda relating to veterans. According to Congressional Quarterly, the Senate is expected to cobble together the Energy-Water, Financial Services, and State-Foreign Ops appropriations bills for Senate consideration later this week.
Senate Committees are expected to be busy this week. The Senate Environment and Public Work Committee is having a markup on Wednesday of a two year authorization for transportation projects, MAP-21. Expect liberals to try to attach the Infrastructure Bank, a union project slush fund, to this proposal when it is rolled out on the Senate floor. The Senate Judiciary Committee is voting on a bill to repeal a law that protects a state from being forced to recognize gay marriages, S.598.
The Super Committee is fast approaching the Thanksgiving deadline to produce a bill that will reduce the deficit by between $1.2 and $1.5 trillion over the next 10 years.
According to the Wall Street Journal, Democrats on the Super Committee are insisting on massive tax increases in consideration for moderate entitlement reforms.
Insiders on the panel say that the deal being offered by Democrats is less than $1 of spending cuts for every $1 of new taxes. Democrats want to count the $900 billion of discretionary spending cuts already agreed to in the debt bill and $1 trillion in troop withdrawals from Afghanistan and Iraq, which may not happen. Meanwhile they are insisting on close to $1.2 trillion of tax increases in exchange for less than $1 trillion in entitlement reforms.
This week we should know more as to whether a deal may be struck. The proceedings of the Super Committee have been super secret, yet the members of the c0mmittee have engaged in selective leaking of information to update the public when they make progress. A deal that includes tax increases would be a terrible deal for the American taxpayer.
Trickle-Down Obamanomics as defined in Human Events this week.
Here is how it works: The President will propose massive tax increases on the American people, with the promise that some of the new spending that results will trickle down to the middle-class and poor. Increased government money will be siphoned off to pay for new government bureaucrats to administer newly created programs. It will also be funneled to union-controlled spending projects so they can fund left-wing political campaigns and pay people to protest violently in Occupy Wall Street.
President Obama is a practitioner of Trickle-Down Economics. He believes that his Venture Socialism as exhibited by Solyndra and other projects funded from the $35 billion green energy program authorized by the Obama Stimulus I will lead to lower unemployment numbers and greater economic growth. They believe that borrowed money dumped into the economy on short term infrastructure projects, an extension of unemployment benefits and green energy slush fund for friends of Obama is good for the economy. They don’t favor policies that would reduce taxation regulation and deficit spending as a means to free up the free market.