The Other New Normal (Which Isn’t So New)
December 31st, 2012 - 10:36 am
Here’s where we stand on the fiscal cliff at the moment:
The deal in the works would return tax rates on families making over $450,000 to 39.6 percent. The tax on estates worth more than $5 million would increase to 40 percent. And unemployment benefits would continue for one year.
The officials say the White House and Republicans are at an impasse over what to do about automatic, across-the-board spending cuts set to begin taking effect on Jan. 1. Democrats want to put off the cuts for one year. [Emphasis added, but duh.]
The “one year” being 2000-never.
Who cares? They can cut the discretionary budget all they want and it won’t make a dime of difference in the end. We’re Greece by the end of 2013 if we don’t cut SS/Medicare, reduce regulation, and completely reform the tax code. All three of those things are absolutely required, and that ain’t going to happen.
May as well keep the party going for a year or two more.
The arguments about top marginal tax rates, how high, who pays, etc. are like arguing over deck chairs on a sinking ship. And none of our erstwhile “betters” can see beyond that.
It’s terminally broken. Let it crash!
http://www.youtube.com/watch?v=Pn0WdJx-Wkw
Au contraire, some can. And they like it.