When Bill Clinton was running for President of the United States against George H.W. Bush, Mr. Clinton had a tendency to go off topic when answering questions in debates and interviews. Clinton battled a reputation as a policy wonk, and like many Democratic candidates of recent vintage, this reputation allowed Republicans to paint him into the same corner as one-term President Jimmy Carter. As the United States had recently been in a recession under the leadership of Mr. Bush, Clinton’s strategist James Carville used the phrase as an, ahem, gentle reminder that if Clinton was to win he would only do so by attacking Mr. Bush’s failed economic policies. If you’re just emerging from the rock you live under, President Clinton later became the 42nd President of the United States.
If you read this web site the odds that you are also living under a rock are pretty small. That probably means you already know that over the weekend the so-called Deficit Reduction Supercommittee failed to reach an agreement (and had to admit its failings on Monday). A little back-story: the Debt Panel was trying to find deficit savings in excess of $1.2 Trillion over the next 10 years. A little more back-story: the entire concept and execution of the debt panel was a disgusting farce. The entire $1.2 Trillion was to be cuts from ‘baseline spending’, also know to the rest of us as ‘planned future spending increases’.