With the election behind us, attention shifts to the next distraction. That’s the simultaneous expiration of tax cuts and support programs, coupled with automatic, across-the-board spending cuts staged by our feckless national leaders; collectively known as the “Fiscal Cliff.”
Our best hope is that the Washington establishment, the vested interests, the elected aristocracy, et al., just this once will set aside partisan differences, join hands, and for the sake of the country — JUMP!
Of course, a real cliff would be preferable.
Yes, higher tax rates on people earning over $250,000 a year (aka, “millionaires”) would impede business and job creation, but at least decisions can be made. Uncertainty – including ad nauseum interim extensions – causes paralysis.
On the flip side, there will be higher tax rates on everyone else, coupled with millions immediately losing unemployment benefits, the 2% payroll tax increase, and the slashing of child and earned income tax credits. This would shift millions back into the “tax payer” category, if only nominally, alleviating the current “free rider” syndrome in the electorate.
And, as frightening as some find sequestration’s military cuts, perhaps we should contemplate whether we really need six- or seven hundred military installations in a gross of countries. Meanwhile automatic cuts in discretionary non-military spending could prompt the same kind of “is this a critical mission?” analysis. Is that so bad, if you’re not a military contractor or a welfare bureaucrat?
Sadly, given the current owners of our government, the pols are also more likely to jump off a real cliff than do something right.