As we approach the fiscal cliff we might bear this in mind, to wit, our problem is spending not taxing. People in Washington spend too much. People outside Washington -- rich and poor -- do not pay too little in taxes. Our solution is to take a ride off the fiscal cliff. At first the Congress might pay in terms of being held accountable by the public. Then, as the months roll on, the fiscal mess will be seen for what it is, the president's lax budget. Possibly with taxes up and entitlements unchecked we will again enter into a recession, but it will be seen as the president's recession.
Under these circumstances, perhaps President Obama will see that the soundest path to economic solvency is a growing economy, not a stagnant economy weighed down by burdensome taxes. There is no need to sacrifice anyone. Possibly the citizenry will put the pressure on him to lower taxes for all. Extend the much-maligned Bush taxes, and get serious about a growth agenda. Either that or we can have the Obama Recession.
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