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...
In response to:
Well-established rules: 1. There is nothing so permanent as a temporary tax. 2. A cut means we were going to increase it THIS much, but now we'll increase it only THAT much.
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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