WC Varones

Don't lend your hand to raise no flag atop no ship of fools

ABC: Always Bet on Can-kicking

That's our mantra when it comes to politicians choosing to fix long-term problems or kick the can down the road.  We've seen it for years in the federal budget.  It's a lot easier to pass a continuing resolution than work toward long-run fiscal sustainability.

And now "Always Bet on Can-kicking" pays off big in Greece. Both sides had postured and pretended they were willing to walk away, which would have meant serious near-term chaos and pain but at least a final end to Greece's suffocating Euro debt. But no, they kicked:
Greece and eurozone nations have agreed a deal to extend financial aid after bailout talks in Brussels.

Eurozone finance ministers reached an agreement to extend Greece's financial rescue by four months.

Dutch finance minister Jeroen Dijsselbloem, head of the Eurogroup, said that Athens had pledged to honour all its debts.

"This is a very positive outcome," he told a news conference on Friday night.

"I think tonight was a first step in this process of rebuilding trust. As you know trust leaves quicker than it comes. Tonight was a very important, I think, step in that process," Mr Dijsselbloem said.

Greece had agreed to present an initial list of reform measures by Monday, he added.

Athens welcomed the deal, which a Greek government official said gave it time to negotiate a "new deal".
We'll see what happens after the four months. At this point, the forecast is for can-kicking.

Meanwhile, back in the U.S., we have a huge can-kicking coming next year when the Social Security Disability trust fund runs dry due to epic levels of disability fraud and malingering. By law, disability payments are to be cut 19% when the money is gone, so that outgoing payments match income disability taxes. Of course, cutting payments to cripples makes for some pretty bad press. So Obama has already tried to plunder the Social Security retirement trust fund to paper over the disability problem and kick the can into the next decade... which would make things even worse for the already insolvent retirement fund. But that's a problem for future politicians. Republicans claim to want to work to fix the whole Social Security problem, but that's going to require tax increases or benefits, soooooooo.... Always Bet on Can-kicking.

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