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Gingrich bashes super committee as stupid, invitation to economic catastrophe

November 15, 2011

First it was Fed Chairman Ben Bernanke who was the prime target of Republican presidential candidates.

9 Days Super Committee CountdownNow one of the surging Oval Office GOP wannabes has a new public enemy #1: the super committee.

Newt Gingrich, the former Speaker of the House who has moved up in recent polls to challenge Herman Cain and Mitt Romney for his party's nomination, has become a big critic of the debt-reduction panel.

Along the campaign trail Gingrich has called the Joint Select Committee on Deficit Reduction "maniacally stupid" and "an invitation to economic catastrophe."

Why the harsh words?

Gingrich believes there's a strong possibility that any super committee plan, due by Nov. 23, will be a halfway measure just to avoid the threat of budget cuts.

As for those impending cuts to defense and domestic programs, Gingrich calls them "totally artificial."

He has a point. Even if the cuts are triggered, they won't take effect until January 2013, giving Congress and perhaps a new Administration plenty of time to make changes.

And that process, including the creation of the special deficit panel in the first place, added Gingrich, is a reflection of Washington's larger problems.

Do you think the panel will make any substantive deficit reduction proposals? Or do you agree with Gingrich that the super committee is a typical Capitol Hill waste?

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It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

Comments
  • Never been a big fan of committees, most of the time they do not do a lot of good. Only time will tell on whether they can actually come up with a solid solution to get us back on track.

  • I don’t see committees being of much help. You need a constitutional amendment like government can’t be in debt. Government can’t make tweaks and expect to actually balance the budget.

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