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Compromise or Gridlock in Washington: Two Unpalatable Alternatives

johnm h Wrote: Dec 12, 2012 12:58 PM
Good article. It seems to me the best outcome is to do nothing, then start the talks with the leverage of the debt ceiling. The snap back to pre-Bush level tax rates will broaden the base with little harm to the economy. The means by which Obama/Bernanke will sustain a stagnant economy are regulations. Congress should start defunding the regulatory bureaucracies that implement noxious unconstitutional regulations. They are in a strong position if they would simply forget short term media spin.

Editor’s note: A version of this article first appeared at Forbes.com.

As soon as the elections were over, a wave of commentaries extolling the virtues of compromise appeared in the press. The common theme is that it is time for Democrats and Republicans alike to end partisan gridlock—to make compromises that will shrink federal deficits without driving us off “the fiscal cliff.”

That said, gridlock has its defenders. They fondly remember “the good old days” in the ’90s when divided government (Democratic White House, GOP Congress) produced a gridlock that kept spending increases relatively modest and eliminated budget deficits....