Compromise II

Despite the bitter complaints of those like Krugman and me who wanted a fight, tax cuts and deficit cutting have been pushed to the 2012 election. There is a logic to this, but there is also a peril. What expectation can there be that the fight will turn out any better then? The logic: this is a fight that the President could not win, with a much more Republican Congress coming in. The peril: if the economy continues to limp, and the Democrats remain as inept as they have been, the same battle will need to be fought two years hence, on more unfavorable political terrain.

TBD: Obama as fox or rabbit. If we are lucky, Krugman (and I) will have to admit that Obama is smarter than we are. Let's hope so.

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