It seems the Super Committee isn't so super, after all - failing to reach compromise on the issue of what boils down to spending cuts versus tax increases, or some amalgam of both.
Both parties in Congress have their respective axes to grind. But as business leaders know, the battle for successfully effecting a company's bottom line depends on growing top-line revenue while keeping a lid on expenses. In the throes of a deep recession, with record unemployment, spurring economic growth for job creation must be the priority.
What will continued high deficit spending mean? While some bemoan a further shaving of our credit rating, S&P and Moody's say otherwise. Only Fitch holds out. On the other hand, the credit rating agencies may not be the most reliable source of comfort and assurance, given their snafus of the past few months.
While the current administration claims a sort of Pyrrhic victory in the debacle, bloviating that now defense spending can be cut while entitlement programs remain intact in time for the ensuing election, the other side of the aisle is thrilled that at least for the time being, there will be no new taxes. Meanwhile, the recession grinds on, and an important opportunity to break the stalemate was missed.
But the larger issue is lack of leadership. With our country's perceived economic prowess under seige internationally, leadership at home is vital to maintaining our ability to attract foreign capital and create jobs.