There is no fiscal cliff

Over the weeks ahead, President Obama will be taking his case to the people for raising tax rates on the rich. It will be an epic game of chicken. Blink first, and you will own the next economic recession.

With each passing day, European leaders are proving that deficit hysteria wrapped in an austerity flag is a losing proposition. Indeed, the Romney campaign learned that very same lesson last week. There is no fiscal cliff. It is an illusion created by Republicans to scare America in to shredding Social Security, Medicare, Medicaid, and government in general.

Paul Krugman makes the point in today's column. I hope Senator Hagan finds the time to read it.

Contrary to the way it’s often portrayed, the looming prospect of spending cuts and tax increases isn’t a fiscal crisis. It is, instead, a political crisis brought on by the G.O.P.’s attempt to take the economy hostage. And just to be clear, the danger for next year is not that the deficit will be too large but that it will be too small, and hence plunge America back into recession.

Comments

Terminology matters...

As Dr. Krugman and others point out, this is no fiscal crisis. In fact, the so-called "deficit hawks" should be joyous at the prospect of making an immediate and substantial reduction in deficit spending resulting from the tax increases and budget sequestrations they suggested.

Until Republicans are ready to come to the table with REAL tax reform - meaning eliminating the distinction between "earned" income and "unearned" income - I say let's go over the cliff.

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The measure of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little. - FDR

I am confused. "Obama taking

I am confused. "Obama taking his case to raise taxes on the wealthy"? Sorry, I thought he just did that rather well and was rewarded with 330 electoral votes, 61 million votes and the Presidency for the second time. What case has not been made? He did. He won. Get on with it.

You would have thought that would happen

but it appears the R's don't give a shit about what voters think. I can't find the article now, but I read this morning that Obama will be out on the townhall trail in an attempt to put pressure on the House.

I don't think it will work at all ... but was simply noting what I believe is going to happen.

From all I can tell, there's a game that our fearless leaders believe must be played. In the end, though, it will come down to who blinks. That's why I say, "Choose the cliff." In the first place, it's not a cliff at all. At worst its a slope that can be climbed back up. And in the second place, a deal's a deal.