Peeing in the soup

It’ll be interesting to see what comes of the debt-limit negotiations today. I think we’ll have a very good read on whether he currently intends to actually reach an agreement or not by his 11AM (EDT) press conference: the more we hear about corporate jets and rich people, the more he’s signaling he’d rather have the political shillelagh than an agreement.

In the mean time, remember there’s a mathematical fact here.  Tax increases cannot solve the deficit problem, because the projected rate of growth of spending exceeds the rate of growth of GDP. So long as that’s true, there is no solution; you always run out of other people’s money.