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Yesterday I finally heard of possible approach to resolving the fiscal cliff that is palatable to both parties:
Raise revenues by limiting deductions (endorsed by both Obama and Romney. Make some long term cuts to spending particularly Medicare (which is out of control. It seems both sides may be agreement on this as a possible approach.
I think that Obama can make this deal because he is not up for re-election so he can make some bolder moves and I also think that the Republicans do not want to shoulder the blame and consequences if nothing is done. It should be an interesting 45 days. I believe that a reasonable solution can actually benefit the 99% of this country. Maybe one of the first pieces that has done so in the last 20 years.
Congress has 45 days. Not enough time to hammer out anything decent.
I think the best they can do is more emergency bills and kick the can down the road for another 6-12 months.
Congress has 45 days. Not enough time to hammer out anything decent.
I think the best they can do is more emergency bills and kick the can down the road for another 6-12 months.
We also have a debt ceiling to deal with.
I heard this proposal on the Kudlow show last night and both sides seemed to come to rapid agreement that this may be an approach. Most importantly, this was the approach that Obama originally put in his proposal and was also put forth by Romney. It has been on the table for some time, but neither side wanted to address it prior to election for obvious reasons. Now that the election is over and the fringe have been more or less silenced, there may be some real possibilities. I am more than even chance hopeful. The consequences of doing nothing are too dire and I do not think they can kick the can again.
If I were President for the day I would meet with Paul Ryan, ASAP.
And yeah, Big Bird is old enough to leave the nest.
Yes, I think that all members of the leadership need to get together. There actually may be some common ground. The electorate wants some meaningful action. Also, business leaders (the group of CEOs) have come together and are now pushing for a solution that both raises revenue and cuts expenses. The current deficit spending and free wheeling Federal Reserve printing press is killing small and medium size businesses. It seems like everyone is lining up for a solution.
1) Expiration of the "Bush Tax Cuts". Obama and the Dems campaigned (several times now) on letting them expire. Lets do so...the country has chosen. This will reduce pretty dramitically the "47%" that don't pay income tax and result in a 50% tax increase on the lowest wage earners. So be it...you voted for it, you get it. I don't want to pay a few thousand a year more in taxes...but that's democracy. Time to put our (as a country) money where our mouth is. Liberals have blamed them for the deficit for a decade...lets let them go away. (note to self, buy stock in Top Ramen. Maybe Coleman? Sales of tents expected to explode)
2) Expiration of the SS tax "holiday". This was a temporary measure and SS is underfunded as it it. This just hastens the end. Let that one expire, shouldn't have been passed in the first place. According to the Obamabots, the economy is doing great, so we can eliminate this emergency measure to stimulate the economy.
3) Sequestration. Forces cuts to both defense and discretionary domestic spending. Again...not a bad thing, we need to make cuts. Neither party has had the courage to step up to the plate and do so...this helps force the issue. Figure out where to cut (yes, including defense) and get it done.
According to the left, who this country has voted in, tax cuts are evil. We wouldn't want do do anything evil like extending them now, would we?
Last edited by Toyman at Jewel Lake; 11-08-2012 at 08:36 AM..
1) Expiration of the "Bush Tax Cuts". Obama and the Dems campaigned (several times now) on letting them expire. Lets do so...the country has chosen. This will reduce pretty dramitically the "47%" that don't pay income tax and result in a 50% tax increase on the lowest wage earners. So be it...you voted for it, you get it. I don't want to pay a few thousand a year more in taxes...but that's democracy. Time to put our (as a country) money where our mouth is.
2) Expiration of the SS tax "holiday". This was a temporary measure and SS is underfunded as it it. This just hastens the end. Let that one expire, shouldn't have been passed in the first place. According to the Obamabots, the economy is doing great, so we can eliminate this emergency measure to stimulate the economy.
3) Sequestration. Forces cuts to both defense and discretionary domestic spending. Again...not a bad thing, we need to make cuts. Neither party has had the courage to step up to the plate and do so...this helps force the issue. Figure out where to cut (yes, including defense) and get it done.
My thoughts:
1) For a variety of political reasons, I think that "raising taxes" on the upper 2% is unpalatable to the Republicans. It is their brand and Bush got solidly punished by his part for his "read my lips" comment and then reneging. But there are other ways to raise taxes. Limiting tax deductions would be one way and I believe that it will raise similar revenues.
2) Yes, the SS Tax holiday will probably end. Too much money is being loss, though this will hit the 99% the most. It may be hard on the economy.
3) Probably some deal can be made that will keep defense spending flat. But since this is such a source of pork for certain areas in our country (e.g. Virginia, Texas) which is important to both parties, I am sure it will not be hacked to hard.
I think we should let the cuts happen. We need austerity measures to get our spending under control.
Take the hit up front and deal with the fallout.
I agree. The cuts would be fine with me. However, politically this might be difficult since the stock market would probably react pretty badly if the spigot that keeps it alive (government spending) is cut down. Long term it is good for the market, since it would put the country back on the path to real growth (as opposed to deficit growth) and the market can once become an investment vehicle, as opposed to a gambling vehicle, but I am not sure that politicians want to take the short-term hit. Especially with congressional elections just two years away. I think there is a way to slowly chip away with the debt but I have no problems with just chopping it down quickly.
Why not let it go over the cliff? I mean really you have to hit bottom before you can climb up out of the hole...
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