What’s a Fiscal Cliff?

There’s an explanation here.

These links, from Bety’s Page, might be useful, too:

Last month, Peter Suderman coined the perfect name for how our political leaders approach our federal budget – “the DocFix Economy.” We have a poorly conceived budget measure that was meant to be temporary and Congress has to pass a temporary fix every year for a problem that Congress created in the first place. And that is exactly what is going to happen with one fiscal crisis after another.

Tim Carney on the corporate tax breaks in the fiscal cliff agreement:

Think about this: just the business and energy tax extenders reduce federal revenue by $67.7 billion in 2013. The tax hikes on the rich Obama won — higher rates on those over $400,000 and reduced deductions on those over $250,000 — raise $620 billion over a decade. As far as I know, we can safely guess that this would be less than $62 billion in 2013.

Unless I’m missing something, the special-interest tax breaks Obama demanded look to be bigger than the money he raised by taxing the rich. If he had just let all these special tax breaks expire — like wind tax credits, algae subsidies, and railroad track maintenance — it would have raised more revenue than his tax hikes on rich individuals and small businesses.

AJ Stratosphere:

Here’s what will change if we actually let the Fiscal Cliff come to fruition – $700 Billion less stolen from our kids’ futures this year ALONE. It is time we stopped being a nation of deadbeats, freeloading on the future earnings of the next generations because we won’t pay our own bills.

There’s a lot more at the link, all very useful and a little bit scary.

I agree with him- I don’t see things getting any better because even Christians (in general) have a stronger sense of entitlement than they do a sense of shame when it comes to getting government hand-outs. We also like to wallow in false charity, claiming we don’t mind helping others out when *we* aren’t the ones doing the helping- we’re just encouraging the government to use force to pick our neighbors’ pockets to redistribute funds to pet charities. It’s neither charitable nor compassionate, but we as a nation like to stroke our own egos and claim otherwise.

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One Comment

  1. Frances
    Posted January 7, 2013 at 6:41 pm | Permalink

    “…we’re just encouraging the government to use force…”

    By “force” do you mean the regular process of tax collection?

    Pity they can’t cut the spending the Pentagon doesn’t even want!


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