Last night, I dreamed I fell over the fiscal cliff
What’s so infuriating about the fiscal cliff is that it’s entirely man-made, by legislators trying to fool the public and themselves. It was a twofer:
1. When the Bush tax cuts passed, projections showed that they added billions to the deficit over the long term. To “fix” the problem, Congress declared that the tax cuts would end after 10 years, reverting to the former, higher rates. That’s like touching up the X-rays to cure lung cancer. Now — 10-plus years later – it’s time follow the tax-hike law that the Bush Congress made and they don’t wanna.
2. In 2011, Dem and GOP legislators gave themselves a December, 2012, deadline for reaching a deal to reduce the budget deficit. To give themselves an incentive, they passed drastic domestic and military spending cuts that would take effect on January 1, 2013, if they couldn’t reach on a more sensible program. They couldnt. Now they have to institute their foolish, economy-killing cuts and… they don’t wanna. I don’t want them to do it either, nor should any serious citizen.
Who gets hurt, because of Congressional fecklessness? We do — especially if we fall over the cliff and recession results. Global recession, if it goes on too long. For what the cliff means to you, read me here.