My prediction on the U.S. debt

Both parties will reach a rapid agreement when wall street begins to freak out and the phones at the white house and capitol start ringing non-stop. Seniors, students, and the poor will be steamrolled but there will be token cuts in the wealthy’s perks and defense so that it can be claimed that it is a balanced agreement.

More or less like the tax cut extension agreement of 2010, which reduced contributions to social security by 30% while extending the Bush tax cuts. Notice that, regardless of the extension of the tax cuts, the job situation has worsened.

Now, the very rich may be forced to fly first class instead of owning their own jet. Isn’t that dreadful?