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Fiscal Cliff Notes

D G Wrote: Dec 04, 2012 10:09 PM
Recommended reading: Ran Paul's Op Ed in the WSJ, Novemebr 30th. Reminds me of Ronald Reagan. " ..... Now let's consider the assumption that raising taxes could lead to "taxmaggedon." The implication here is that raising taxes-that is, extracting and confiscating more income from workers and businesses-is harmful to the economy. I am easily persuaded of this truism. As Milton Friedman said, nobody spends someone else's money as frugally or as wisely as they spend their own. But if raising taxes would lead us toward trouble, why would raising taxes only on some people ("the rich") not have some of the same harmful effect? ...... "

Amid all the political and media hoopla about the "fiscal cliff" crisis, there are a few facts that are worth noting.

First of all, despite all the melodrama about raising taxes on "the rich," even if that is done it will scarcely make a dent in the government's financial problems. Raising the tax rates on everybody in the top two percent will not get enough additional tax revenue to run the government for ten days.

And what will the government do to pay for the other 355 days in the year?

All the political angst and moral melodrama about getting "the rich" to pay...