The Useful Idiots Convene - Debt Conference with Six (count 'em) Six Deficit Reduction Plans

Def:  Useful Idiot – An individual(s) or organization so lacking in knowledge of the subject matter which it is addressing that it not only presents a solution to a problem that unknown to the presenter is impractical or impossible to implement on a technical, administrative, political or operational basis but also serves a purpose for which the presenter is diametrically opposed to.

The Fiscal Times reports on Wednesday’s “Deficit Summit” which will bring six so-called deficit reduction/balanced budget plans to the table for an all day discussion.  The plans will range from Conservative Groups who want to balance the budget without tax increases to Liberal and Progressive Groups who want to enact massive tax increases while leaving social and entitlement programs largely intact.

What will come out of the meeting?  Absolutely nothing.  The Dismal Political Economist knows this, the Sponsors probably know this, heck, it may be that even one or two of the Participants know this. (Okay, that’s a stretch). 

Then why have it?

The deficit is as much a political issue as an economic one.  The public is highly in favor of reducing the deficit.

Poll Shows Deficit Reduction is Popular

However polls also show that Americans do not want to cut social program and entitlements and are not particularly in favor of raising taxes.  So bringing six so-called deficit reduction plans [Disclosure Alert:  The Dismal Political Economist has read the Heritage Foundation Plan, it is nonsense] gives the impression that something is being done, without having to actually do something.  The sponsors and participants can pat themselves on the back and congratulate each other for bringing serious issues to the table, when all they will have done is foist another charade on a willing public.  And most of them won’t even know that’s what they are doing..