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Here Come the Deficit Hawk Hypocrites

Summary:
Deficit Hawks Proudly Display Their FeathersNow that Biden has won the election, Republicans are Ready to Become Deficit Hawks Again. GOP senators say they expect to refocus on curbing the nation's debt and reforming entitlement programs starting in 2021, as the Congressional Budget Office estimates that the debt has surpassed the size of the American economy. "I think that's kind of getting back to our DNA. ... I think spending, entitlement reform, growth and the economy are all things that we're going to have to be focused on next year, and, yeah, I would expect you'll hear a lot more about that," said Sen. John Thune (S.D.), the No. 2 Senate Republican.Sen. Lindsey Graham (R-S.C.) is poised to become the chairman of the Senate Budget Committee if Republicans maintain their majority. He

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Deficit Hawks Proudly Display Their Feathers

Now that Biden has won the election, Republicans are Ready to Become Deficit Hawks Again

GOP senators say they expect to refocus on curbing the nation's debt and reforming entitlement programs starting in 2021, as the Congressional Budget Office estimates that the debt has surpassed the size of the American economy.

"I think that's kind of getting back to our DNA. ... I think spending, entitlement reform, growth and the economy are all things that we're going to have to be focused on next year, and, yeah, I would expect you'll hear a lot more about that," said Sen. John Thune (S.D.), the No. 2 Senate Republican.

Sen. Lindsey Graham (R-S.C.) is poised to become the chairman of the Senate Budget Committee if Republicans maintain their majority. He said he wants to create a new commission to propose ways to reduce the deficit and address the country's debt.

"I think we've got to understand that we're going to be raising the debt ceiling in perpetuity if we don't find a way to bend the curve," Graham said.

Amusing or Pathetic?

Is this expected hypocrisy more amusing than it is pathetic or more pathetic than it is amusing? 

I am all in favor of fiscal responsibility and would even welcome a balanced budget amendment.

But here we are once again. 

Hawks or Turkeys?

I am sure Republicans will proudly show their feathers, but will they be the feathers of a hawk or the feathers of a turkey?

Hopefully you know the answer to that because it will play out the same way it always does.

What The Parties Will Seek

  1. Democrats will demand tax hikes. Since they won't control the Senate, they won't get them. 
  2. Democrats will then demand more money for anything and everything especially social programs.
  3. Democrats will call for budget cuts in defense spending.
  4. Republicans will seek more defense spending.
  5. Republicans will call for cuts in entitlements.

The Compromise

Drum roll please .........

The compromise will be the same one it always is. 

There will be no cuts in entitlements nor cuts in defense spending.

Instead, the Turkeys (on both sides of the aisle) will agree to more social spending in return for more military spending.

Mish

Mike Shedlock
Mike Shedlock (Mish) is a registered investment advisor representative for SitkaPacific Capital Management (http://www.sitkapacific.com/). Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction.

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