Stan Collender's blog
CNBC isn't for everyone. But I've had it on it my office almost since the day it began, have been a frequent guest since it's earliest days, and think highly of a large number of its people in front of and behind the camera.
Which is why this story from Jeff Cox on CNBC.com was such a disappointment. Cox made the same mistake that others have made...or he drank the same Kool Aid the B-S Cult wants everyone to drink...when he said in his story that the commission had agreed to a report to reduce the deficit.
As regular CG&G readers know, the B-S commission did not issue or agree on a report. The two co-chairs recommended something but that wasn't even voted on let alone actually approved. Eleven of the commission's 18 members informally indicated they supported the co-chairs' recommendation, but there was no vote and the recommendation wasn't approved.
I can't tell you the number of focus groups I've watched and polls I read where the overwhelming opinion was that federal spending could be cut without any decrease in the quantity and quality of what the government does.
Hell...As I posted about in 2010, even the recommendation from the co-chairs of the Bowles-Simpson commission -- who definitely should have known better -- proposed a reduction in the number of federal employees and the number of consultants but, presumably based on the assumption that the government wouldn't have to stop doing anything it was already doing, didn't suggest any activity be eliminated.
My column from today's Roll Call explains why the "reconciliation" bill the House passed last week that the GOP leadership was so proud of and wanted everyone to think was a major accomplishment in reality was a scam, sham, and as close to a budget hoax as you can get.
House ‘Reconciliation’ Bill Was Anything But
Unless the House decides to consider another makes-no-sense-and-has-no-effect bill such as the “reconciliation” bill it passed last week, the fiscal 2013 budget process essentially is over and done with until after Americans go to the polls in November.
Even though it actually was relatively big news, it's not at all surprising that last week's announcement from the Treasury that there was a $59 billion surplus in April wasn't hyped in any way.
As I posted about last week, the better-than-expected $59 billion surplus was an almost $100 billion change from the $40 billion deficit recorded in April 2011. That's an astounding reversal.
What makes it even more astounding is that, although April always used to be a surplus month (that is, after all, when most Americans file and pay their individual income taxes) this was the first April surplus in four years. Although one month doesn't make a trend and shouldn't automatically be assumed to be a sign of what's ahead, the April surplus is noteworthy and definitely is worth watching.
So why didn't the April surplus generate more news?
