The Concord Coalition is a nonpartisan group that researches and educates on the US deficit and debt problems. The following was in my inbox from that group and it speaks for itself.
“The following is written from the perspective of Concord Coalition Policy Director, Tori Gorman.
Avid readers of The Lookout will notice that my missive today is unlike any of my previous entries. If you are accustomed to the colorful charts and technical policy analyses that usually accompany my posts, my sincerest apologies. Those features will return, but today’s post is from the heart.
Last week I fully anticipated that I would be spending my waking hours prior to publication of this newsletter buried in legislative text, frantically distilling the latest coronavirus relief package from Congress for our readers. Instead, I find myself staring at an empty desk while federal officials jet home for their sacrosanct August recess. Why? Because despite over 160,000 Americans dead from COVID-19, a record-setting decline in economic activity, over 31 million people collecting some form of unemployment, and millions of children unable to return to school, lawmakers refused to compromise.
Unconscionable.
Each side has expressed support for another pandemic relief bill and each side has tendered their initial offer. The House-passed HEROES Act would spend another $3.4 trillion whereas the Senate Republican package of proposals would spend closer to $1.2 trillion. Clearly there is plenty of playing field in between to reach agreement.
On what planet is an acceptable outcome ZERO?
To add insult, on August 8, President Trump announced with great flourish a series of toothless executive memoranda from the ballroom of his eponymous Bedminster golf club – actions that will have virtually no effect except to make any further negotiations more difficult: A payroll tax proposal that neither side in Congress supports, a pseudo-unemployment insurance scheme virtually no state can navigate nor afford, an eviction ‘moratorium’ that isn’t, and student loan action that could have been, and should have been, more robust.
At some point in our political history ‘compromise’ became a dirty word. Somewhere it became acceptable in an election year for Congress to punt the people’s work until the November results were known. In today’s environment, however, where twin crises are leaving a trail of death and destruction, it is imperative that lawmakers rise above the low expectations they champion, return to Washington, and do the work they were elected to do.
Americans deserve no less.”
What the president has fashioned with executive orders is beyond his authority. Congress has the purse strings given to them by the Constitution. What the president has proposed is unworkable in parts and unwieldy in others. But, again we are not an autocracy and Congress needs to do its job.
What I also find interesting is the president’s executive order did not include a price tag on debt impact. I have done some back of the envelope calculations and it is likely nearer the $1.2 trillion GOP figure, if it is not extended, but we just do not know. I also feel that cutting FICA taxes will be harmful to Social Security and Medicare, at a time when they need more funding not less.
Yet, what no one has done is calculate what we need to do, including all three parties, the Senate, the House and White House. The House at least passed a bill on May 15, but the Senate could not bring themselves to debate and vote until the bewitching hour. Frankly, that is poor leadership by Senator Mitch McConnell and the president. Crisis planning is often not the best of planning.
You would think our so-called leaders could take the time to do some homework. But, what do I know?
