Enter the $1 trillion coin.
Even the pea is a little bit too big, he says. “We’ve done all this to arrive at an arrangement on taxes.”
With the economy barely expanding, the federal government is spending 4 percent more than the FY 2012 level.
The crisis du jour in Washington now dominating the news, the so-called “fiscal cliff”, is but the latest in seemingly endless political crises that we shouldn’t be having.
Is there any reason for today's Americans to care about what happens to tomorrow's Americans? After all, what have tomorrow's Americans done for today's Americans? Moreover, since tomorrow's Americans don't vote, we can dump on them with impunity. That's a vision that describes the actual behavior of today's Americans. It would be seen as selfish, callous and ruthless only if it were actually articulated. Let's look at it.
It's at times like this I'm ashamed to admit I live inside the Beltway.
The conventional wisdom has emerged that in order to avoid the so-called "fiscal cliff," politicians in Washington must agree to some method of tax increases ("revenue") -- which will be real, even if low taxes are not the cause of our ills -- alongside some kind of promise of spending restraint on entitlement programs, which is our problem, and which no one believes Washington will restrain.
All of us hayseeds have thought all long that raising taxes right now, while the world teeters on the brink of a global depression, might be a really bad idea. But it turns out that we were wrong says a coalition of government economists, politicians, liberal media-types, union bosses and elite business executives who get to shelter their earnings from tax increases.
China- still a communist country- has vaulted over Japan as the Asian economic power that matters most. And there is only one explanation for a communist, semi-medieval country like China to overtake a supposedly free and prosperous Japan: There are more Ivy League-educated, modern, Keynesian economists in charge of Japan, than in China.
Jimmy Carter is redeemed! The grinning dunce of yesteryear, who grew into the anile doddering figure of today, lecturing the civilized on all manner of statecraft, has been replaced by the saturnine gaunt prophet, Barack Obama. His sorry performance these past four years he lays to the administration of George W. Bush. The next four years will be a replay of the last four years, and an even graver crisis will confront us then with the domestic economy in a funk and foreign potentates all laughing at us.
The American people judge their Presidents by whether they succeed in meeting the central challenges of their Presidency. This is the case with Barack Obama.
On January 1, 2013, the largest tax increase in American history is scheduled to occur. It includes increased income taxes, estate taxes, Obamacare taxes, Medicare taxes and social security taxes. In addition, $1.2 trillion of Federal government spending cuts are mandated over ten years. That means $120 billion in spending cuts are scheduled for 2013. According to the nonpartisan Congressional Budget Office, if the US does not repeal these taxes and spending cuts, the country will fall off the"fiscal cliff." Falling off the fiscal cliff will result in a recession starting in 2013 with unemployment in the 9.1% range and as much as 2.9% contraction of economic growth in the first half of 2013.
I'm reminding all my friends here in Denver not to believe their vote is worthless. Our swing state’s nine electoral votes could hand the presidency to Romney or Obama -- and the Colorado outcome in 2012 could turn on a few hundred ballots, much like the Florida outcome in 2000.
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