Would you believe that just 10 years ago, Congressional approval ratings hovered around 65%? Today, partly due to the way the debt ceiling debate was handled over the summer and the failure by the SuperCommitte that came out of that discussion, approval ratings have sunk to near single digits for our elected Congress members. But even with the latest non-decision by the SuperCommittee being dubbed a “failure” in headlines, E.J. Dionne discusses how the result may not be as bad as what is being reported. By not coming to a decision now or before Jan 1, 2013, the Bush tax cuts will expire and $1.2 trillion in cuts across the board will be put in to action over the next 10 years. Mr. Dionne explains that actual deficit reduction would be closer to $7.1 trillion over the next 10 years. Also, tax rates would rise to 1993 levels, the last time taxes were increased, which was followed by strong economic growth for the rest of the decade.
