Wake me up when it’s over
We’re taking a vacation, without cell phones. I don’t want to hear the works “fiscal cliff” for two weeks. I’ve no comment on the tax bill until I see the details. Taxes are rising for everyone — higher earners (income taxes and the new tax to help finance Obamacare), and all earners (an end to the 2 percentage point cut in Social Security taxes). With current tax levels as their lowest since WW2, paying more makes sense.
In the 2000′s, the GOP became the party of “borrow and spend,” in order to slash taxes. That’s after the Dems and moderate GOPs, together, had done the hard work of balancing the federal budget in 1999-2000 without hurting basic safety-net programs. Now they have to do the hard work again, with no help from most of the GOP and the safety nets under attack.
The sluggish economy is the primary reason for the lack of sufficient tax receipts — not enough people at work at good wages. The true “job creators” are the vast middle classes, who buy stuff when their earnings are sufficient. That’s where true recovery lies.
The economy should be OK this year, provided that the debt-ceiling fight doesn’t put us back into recession. Right now, the Congress — especially the House — is the nation’s chief economic risk. Astonishing.