A few thoughts about the fiscal cliff
I'm not too sure how other members outside the US will take this but I have some observations about the fiscal cliff. It is interesting and quite a bit of a conundrum for many.
My view is actually pretty simple. The best action for the US is to do nothing and let the combination of tax hikes and spending cuts take place.
In this respect I am opposing both the standard Republican and Democrat views. Each is trying to solve for a short term political crisis, with the desire to cover their own backs while forsaking the future. The only major politician who I have seen adopt this viewpoint is the former Democrat leader Howard Dean.
As we watch the negotiations over the next few weeks it will do good to keep in mind that nobody gives a hoot about solving the real problems. It's either a game of "gotcha" or if there is a consensus, one that leaves everyone looking as good as possible while ignoring the root causes.
It's amazing how an action that if we took on an individual level would be called "common sense" is viewed on a national level as "onerous". It has the feel of doublespeak.
Replies to This Discussion
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ModeratorPermalink Reply by John on -
I also agree that doing nothing is better than these nutty short term solutions.
The interesting item is that after the new Congress gets sworn in, it likely will strengthen the Democrats and President Obama's balance of power.
Also, the people in the country will become aware (when things get axed across the board) of what role the Federal Government plays in their daily lives. That might be a good reality check. (on both sides)
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ModeratorPermalink Reply by John on -
One item that has been lost is the history of why the wealthy had considerable higher taxes. It was not really a revenue source, but a mechanism to allow the government to direct private investment. Areas which were of national concern were allowed favorable deductions on investments into specific areas. Today, that would be like offering a large deduction for investing in US alternative energy sources (just an example). That gets private enterprise money into the areas without needing direct government support.
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Permalink Reply by Hari Menon on
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Dear Joe ,
I agree with you India is no better - they should take advice from wise men viz. when in doubt do nothing !! subsequent events will show that it was a right decision . It reminds me of John Maynard Keynes reply when he was asked whether his theories were applicable for the "Long Term'' or ''Short Term'' - his was a universal truth - his retort was "In the long term we will all be dead".
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