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Fiscal Cliff Notes

Nee2 Wrote: Dec 04, 2012 6:30 AM
Thomas Sowell is spot on. What the government wants you to believe is that it can be fixed by the rich paying more. They want you to believe also that when inflation hits "only" the poor will be affected. If the top earners are also the top producers, what do you suppose is going to happen?

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...