As Americans everywhere found out with their first paychecks of the new year, Congress failed to reauthorize the temporary payroll tax cut that expired. This could result in between 300,000...
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So, w-smith, if I promise to buy my wife a new car in two months and I lose my job I should still go buy that car because I already authorized her to buy it? Or if I promise to buy a new car for my wife and the bank turns me down for credit I should still insist they raise my credit limit so I can incur the new debt that I can't pay for.
The deal that Congress came to on the fiscal cliff last week was a combination of half-measures, compromise, and kicking-the-can that nobody seemed to like but was overwhelmingly approved. Most of the meaures that constituted the cliff stood poised to harm the economy over the next two years - and Congress' failure to offset the cost of averting the cliff will result in a worse economy in the long run.
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